The just-released 2016 Report of the State of the Legal Profession from the Georgetown Law Center for the Study of the Legal Profession has some damning words for our supposedly best and brightest. Drawing a comparison to how Kodak went from market domination to crash after missing the market shift from film to digital, the report offers this tasty tidbit:
“The current challenge in the legal market is not that firms are unaware of the threat posed to their current business model. . .Instead, the challenge is that firms are choosing not
to act in response to the threat, even though they are fully aware of its ramifications. . . many law firm partners believe they have an economic model that has served them very well over the years. . .They are consequently reluctant to adopt any changes that could put that traditional business model at risk.
My observation: that’s only half the reason. The other half is that they don’t know what the &$@#* to change it to.
Read the full report HERE.