From Big Law to Lean Law
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These slides contain the figures used in "From Big Law to Lean Law", an essay published in honor of the late Larry Ribstein. The full article can be accessed at http://ssrn.com/abstract=2356330. The full citation is William D. Henderson, From Big Law to Lean Law, 3 Int'l Rev. L. & Econ. 271 (2013).
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From Big Law to Lean Law
- 3. $900,000 Average Revenue Per Lawyer (RPL) Am Law 100, FY 1986 to 2012 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 Revenue Per Lawyer 2-Year Moving Avg.
- 4. Year of Lateral Movement 2000 2001 2002 2003 2004 2005 2006 40 Rank of Am Law 200 Firm Left of Joined 45 50 55 60 65 70 75 80 85 90 Left Joined 2007 2008 2009 2010 2011
- 5. Ratio of Total Lawyers to Equity Partners (Leverage) Am Law 100, FY 1994-2011 5.00 4.50 4.00 3.50 3.00 2.50 2.00
- 7. Susskind’s Paradigm of the Future Legal Marketplace Bespoke Standardized Systematized Packaged Needed human capital: • Information technology • Systems engineering • Finance • Marketing • Project Management • Law Commoditized
- 8. Change in # of Employees since 1998 Legal Services Industry Law Offices vs. All Other Legal Services 160% % Growth in Employees 140% 120% 100% 80% 60% Since 2004: 40% Law Offices: -47,729 jobs All Other Legal Services: + 7,696 20% 0% Generated by William Henderson (June 2012) Offices of lawyers All other legal services
Notes de l'éditeur
- Susskind’s continuum:Bespoke -> Standardized -> Systematized -> Productized -> CommoditizedLawyers want to stay in bespoke = Unique, Custom-made -> It costs more; and it is more familiarBut customers want to the cost saving and high quality of moving the continuum: prices go down, quality goes up.Further, Systematized/Productized space can be very lucrative -> But you most continually innovate to stay there.What skills?: IT, Systems engineering, Finance, Marketing, Law Work together Lawyer is not incharge