MPF WHITE PAPER - AW 2014 Law Firms in Transition - 10-21-14

2014 LAW FIRMS IN TRANSITIONOutlook: Law Firms in 2024If you believe that the legal profession is in transition, in what significant ways doQ: you expect your law firm will be different ten years from now?Sample Comments (continued)FIRM SIZEFewer lawyers, with those lawyers taking on more risk and providing less process.Larger, more centralized in management, possibly offering non-legal related services.While I am not sure that the firm will be significantly larger, I think that our firm will be decentralizedwith multiple offices of similar sizes. I also think that there will be nationaladmission standards which may change the growth strategy of the AmLaw 200.Less emphasis on being a "full service firm."PROFITABILITYDownward pressure on rates paid by institutional clients will cause firms to cut costs,leverage associates and take other steps to maintain earnings.Lower growth rate than in the past ten years, higher focus on maintaining margins and perpartner profitability.More emphasis on profitability and a quicker decision making process.Leaner but more profitable.TECHNOLOGYA new generation of lawyers will be in charge ten years from now that will understand howto effectively utilize technology. They will drive the improved use of technology to serveclients.Everyone will have to embrace technology.An Altman Weil Flash Survey 86