During the ''golden age of law firm growth'' from the late 1960s
until 2007, most large law firms adopted a default growth strategy,
increasing practice areas and offices, aided by the momentum of the
tail winds of law firm growth. Since the recession of 2008-2009,
however, the legal marketplace has drastically changed. The market
has become too sophisticated for undifferentiated large firms, and
in this timely book, Jay Westcott suggests strategic building
blocks that firms can adopt in order to adapt themselves to this
radical change and prosper as lasting institutions. In order to
counteract client pushback, firms must concentrate on their market
strengths, and clients will differentiate firms by price, size, and
expertise. This book will serve as a critical resource for law firm
partners and managers who are interested in developing successful,
distinctive firms. Law scholars will also be interested in this
examination of the profession and how it is changing, as will
clients and businesses.
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Mon, 19 Nov 2018 | Review
by: Phillip T.
RAPID LEGAL CHANGE IS UPON US, SO WE HAVE TO ADAPT-
WESTCOTT GIVES US ONE SOLUTION
An appreciation by Elizabeth Robson Taylor of Richmond Green Chambers and Phillip Taylor MBE, Head of Chambers and Reviews Editor, “The Barrister”
Legal services and what the client need from us are stalled at a crossroad so Elgar’s new title “The Law Firm of the Future” written by Jay Westcott is most welcome with its interesting observations. The most important statements are emboldened to place emphasis on the major key points of significance throughout the book.
Edward Elgar, the independent legal publishers based in Cheltenham are to be congratulated for publishing legal management books at a time of such change within the profession. As lawyers, we probably all think we know which way to go but there is always that doubt about whether we have the future of our business activities properly mapped out, or not. And there are many high-quality books now in the legal market to help us, “The Law Firm of the Future” being one of the most important.
As the author says, “the market has become too sophisticated for undifferentiated large firms” so we get Westcott’s “building blocks” for adaptation. Do read the introductory chapter first where one finds the mission statement: “most firms would be well served to focus on their strengths which will be readily discerned by potential clients in the competitive and sophisticated market of today”.
“Moreover”, Westcott concludes, “by adopting some proven good practices as part of their overall strategy, they can counter some of the distinct problems that have come with unrestrained growth”.
The market for books on what the law firm of the future might look has expanded in recent years, mainly because of the options practitioners keep tripping over each time we attend a conference or read a legal magazine. Westcott gives us highly competent advice from his own crystal ball and it will be well-received in all quarters as we seek the new design of the successful practice. Yes - it helps!
The book was published on 28th September 2018.
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