As clients continue to demand more for less, India Business Law Journal reveals five LPOs that stand out from the crowd. By Rebecca Abraham
On 24 June, one of the most profitable US-based law firms, Weil Gotshal & Manges, announced it was laying off 60 associates and 110 support staff. In addition, some partners at the firm were going to be making “meaningful compensation adjustments”.
This was all the more remarkable as in making the announcement the firm’s executive partner, Barry Wolf, referred to its “strong financial position” and that it had “zero debt outstanding”.
News of the cuts sent shockwaves through the legal industry, which has been struggling to adapt in the face of changing client expectations.
The writing on the wall
Top-end law firms in the US are grappling with the realities of what Wolf referred to as the “new normal”: a shrinking demand for premium legal services. The new normal also includes competition from innovative legal service providers, which are using technology to drive the change. An often cited example is Axiom, a 1,000-person firm that says it serves nearly half the Fortune 100 companies and takes pride in “being built on the premise that the current law firm model is broken”.