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Law firms: A less gilded future
May 5, 2011 | The Economist | Anonymous. Not all the trends
that have hit the legal industry are cyclical. Some are here to stay
even as the economy recovers. One is clients’ determination to keep
their bills down. Feeling that they've overpaid vastly for green
trainees, they began refusing to have routine work billed to 1st- and
2nd-yr associates (ie, lawyers who are not yet partners). A second
trend is globalization. For lawyers, it holds both promise and peril.
Booming emerging markets, especially in Asia, are leading NYC &
London firms to extend their reach. But the growth of outsourcing to
places like India is not lost on money-conscious clients, some of whom
are demanding that their lawyers pass certain routine work to cheaper
contractors. A 3rd trend is the growth of technology in an industry long
synonymous with trained human judgment. Software that can perform tasks
like “e-discovery”, sorting through e-mails and other digital records
for evidence, is saving firms $.
e-discovery  globalization  law_firms  lawtech  Outsourcing  overpaid  trends 
may 2011 by jerryking
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