Prestigious White Shoe Law Firms Face Financial Troubles In a New Legal Marketplace

“There are now far more capable lawyers and law firms than there is work for them to do.”

— Michael H. Trotter, a partner in an Atlanta law firm who has written two books about the economics and management of law firms, in an interview with the New York Times on the impending collapse of the prestigious international law firm of Dewey & Leboeuf.

“With declining profits and grueling 70-hour work weeks, law has long since left behind its genteel heyday as a fulfilling and patrician lifestyle. The legal profession is just one of many undergoing seismic changes in the face of transformational technologies and new economic realities. No doubt many enterprising young lawyers will find creative ways of dealing with these changes, but in the meantime, we wish the 45,000 students graduating law school this year the best of luck.”

— Walter Russell Mead, writing today on the troubles at Dewey & Leboeuf.

I’ve written several posts on the law school bubble.  This one contains advice to a budding law graduate or anyone determined to go to law school:  Thinking of Going to Law School — Think Again.

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