The Biz-Ification of Law
“Competitive markets are not much fun for sellers” – Richard Posner
It’s common knowledge that the billable hour is holding back the profession. Additionally, it’s clear that professional conduct rules insulate lawyers, prevent other professionals from getting involved, and stifle innovation. Yet, despite the billable hour still going strong and no changes in professional conduct rules, we are seeing an unprecedented boom in innovative legal services. It feels like something bigger must be going on.
Market cycles
While the literal number of lawyers remains a significant factor, more important is its ratio to finance, insurance, and real estate (“FIRE”) . . . [more]