Law Firm Revolution
In January, Georgetown University and Thomson Reuters issued their joint “2019 Report on the State of the Legal Market.” This report has fired some serious shots across the bows of law firms and the legal practice in general.
Among the conclusions? The “traditional law firm model, which has served law firms well for decades, is now largely broken apart because of new market realities .” While the mega firms continue to survive, relying upon large corporations who continue to be able to afford increasing rates — often approaching the previously chimerical $1,000/hour level — mid-sized firms try to follow in tow.
Except the typical clients for a mid-sized firm has great difficulty affording billable rates in the $450 - $750/hour range.
What does this mean for the small to mid-sized business? Obtaining legal services through a new legal paradigm, such as The Entrepreneurial General Counsel. High quality legal services at rates below “traditional law firms”, provided by former “traditional law firm” lawyers who simply believe that there is a better way.
The EGC way.