Date: April 12, 2013 Topic: The Shrinking ... - Georgetown Law

More documents

Recommendations

Info

The Shrinking Pyramid: Implications for Law Practice and the Legal Profession Corporate Clients and Outside Law Firms: Procurement or Partnership? Friday April 12 th , 2:00-3:30 pm Moderator: Ellen Rosenthal, Chief Counsel, Pfizer Legal Alliance and Vice- President and Assistant General Counsel, Pfizer Panelists: Leslie Turner, General Counsel, The Hershey Company; Matthew Biben, General Counsel, Chase Consumer Businesses and Senior Legal Adviser, JPMorgan Chase (1)Deconstructing Big Law: The Future Market for Corporate Legal Services – Preliminary Results Molly Selvin, Stanford Center on the Legal Profession, Stanford Law School and Southwestern Law School; Patrick M. Hanlon, Stanford Center on the Legal Profession, Stanford Law School (2)Lawyers Between Market and Hierarchy: Evidence from Fortune 500 Companies Mari Sako, Saïd Business School, University of Oxford
1 DECONSTRUCTING BIG LAW The Future Market for Corporate Legal Services Preliminary Results by Molly Selvin 1 and Patrick M. Hanlon 2 The Shrinking Pyramid: Implications for Law Practice and the Legal Profession Symposium Georgetown University Law Center April 12, 2013 Abstract The legal industry is in transition. A generation of explosive growth in the market for corporate legal services has ended, and while many big law firms remain highly profitable to their owners, revenues are stagnant, jobs are increasingly insecure, and the demand for new lawyers is at low ebb. Stories announcing the demise big‐firm law practice have made the New York Times front page and draw almost obsessional coverage in legal trade publications. Though the law firm “pyramid” is under tremendous stress, preliminary results from a multi‐year Stanford Law School project on the future of the legal profession also reveal a more diverse—and somewhat less dire—picture of the legal services industry. The Stanford legal profession project aims to understand the changes occurring in the market for corporate legal services and their implications for legal education and legal careers. Our research encompasses both purchasers and suppliers of legal services. The people we have interviewed to date were candid and thoughtful, and our interviews comprise a rich source of qualitative data. First of all, these data suggest that that the industry’s financial pressures are neither felt uniformly across the legal industry nor are they always as acute as often portrayed. While corporate clients have for years tried to avoid excessive costs, this often does not result in the relentless cost‐cutting and churning of firms postulated in the literature. Corporate counsel often hire what they regard as the best lawyers (or sometimes firms) for the job with only limited consideration of cost. This is often due to the impossibility of replicating outside counsel’s knowledge of the client and its business. By the same token, despite growing corporate interest in alternative to big law – LPOs, contract lawyers, e‐discovery and other technology vendors, and even firms that provide highly sophisticated lawyers on a temporary basis – these alternatives so far enjoy only modest market participation. They have a long way to go to realize their full potential. Second, cost pressures have allowed some lawyers to capitalize on the 1 Research Fellow, Stanford Center on the Legal Profession, Stanford Law School; Associate Dean for Interdisciplinary Programs and Adjunct Professor of Law, Southwestern Law School. 2 Research Fellow, Stanford Center on the Legal Profession, Stanford Law School and former lecturer at Berkeley Law and partner at Goodwin Procter LLP.
Page 1 and 2:
Date: April 12, 2013 Topic: The Shr
Page 4 and 5:
PROGRAM AGENDA & ROOM LOCATIONS The
Page 6 and 7:
Things to do in Washington, D.C. Wa
Page 9 and 10:
The Shrinking Pyramid: Implications
Page 11 and 12:
III
Page 13 and 14:
DRAFT IN PROGRESS—PLEASE DO NOT C
Page 15 and 16:
legal services based upon data aggr
Page 17 and 18:
on a consistent, sustained basis. T
Page 19 and 20: the marketing concept or market(ing
Page 21 and 22: Technology and online access democr
Page 23 and 24: portion of their curated informatio
Page 25 and 26: in the United States and Britain, a
Page 27 and 28: whether some activities traditional
Page 29 and 30: Without the necessary systems or pr
Page 31 and 32: While net promoter score is not a p
Page 33 and 34: Today, LegalZoom offers a broad por
Page 35 and 36: 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11
Page 37 and 38: Clementi submitted his report in De
Page 39 and 40: experience, skills and competencies
Page 41 and 42: away disk drive space. The question
Page 43 and 44: Riverview’s high-end services are
Page 45 and 46: need of an overhaul. These “new k
Page 47 and 48: These are exciting times for those
Page 49 and 50: The introduction of a new technolog
Page 51 and 52: Before turning to our main quantita
Page 53 and 54: H2: Wider document download pattern
Page 55 and 56: Independent variables Technology us
Page 57 and 58: Our research reconciles these two d
Page 59 and 60: REFERENCES Alavi, M., Leidner, D. E
Page 61 and 62: Table 1: Representative Excerpts fr
Page 63 and 64: Table 2: Descriptive Statistics Var
Page 65: Table 4: Results of Individual Fixe
Page 68: There are no materials for this ses
Page 73 and 74: The Stanford Law School Research Pr
Page 75 and 76: 2011 General Counsel with Power
Page 77 and 78: Executive Summary of Key Findin
Page 79 and 80: General Counsel with Power? 201
Page 107 and 108: Resource Co-Specialization and Supp
Page 109 and 110: al., 2009), plural sourcing (Bradac
Page 111 and 112: ely more on R&D resources, advertis
Page 113 and 114: and from transferring best practice
Page 115 and 116: specialized tasks such as complex a
Page 117 and 118: also distinct from economies of sco
Page 119 and 120:
In case studies of innovating firms
Page 121 and 122:
knowledge. This translates into a r
Page 123 and 124:
To be included in our sample, we re
Page 125 and 126:
Law firms. In order to measure the
Page 127 and 128:
More specifically, we estimate a st
Page 129 and 130:
of sample means indicate more in-ho
Page 131 and 132:
services. The coefficient for selli
Page 133 and 134:
study design and accounted explicit
Page 135 and 136:
These in-house legal departments ca
Page 137 and 138:
usiness benefits only if resource c
Page 139 and 140:
Dick the Butcher, wishes for lawyer
Page 141 and 142:
Gulati R, Puranam P. 2006. Compleme
Page 143 and 144:
Sako M. 2013. Professionals between
Page 145 and 146:
Table 3. Panel data regression mode
Page 148 and 149:
The Shrinking Pyramid: Implications
Page 150 and 151:
Limiting the Damage of Lateral Part
show all

Date: April 12, 2013 Topic: The Shrinking ... - Georgetown Law

Create successful ePaper yourself

Delete template?

Save as template?