Declining Prospects: How Extraordinary Competition and Compensation Are Changing America's Major Law Firms
"What a tour de force is "Declining Prospects"! This amazingly good, if  salutary book, needs to be read not only by corporate lawyers, in-house  counsel and lay clients, but also by law students and those who advise  them. It has valuable lessons not only for the United States but also for  lawyers of other countries, particularly the United Kingdom. The book  covers the extraordinary changes in the legal profession from the 1950s to  the present day. The changes now taking place, which are described in such  clear and interesting detail, could not have been predicted in 1976 or even  a late as 1990. I could not disagree with any of Trotter's sobering  conclusions on the future of the legal practice."His Honor Judge John Toulmin CMG QC FKCPast President of the European Bar Council (CCBE), andChairman of the Board of Trustees of the European Law Academy (ERA) 1997 - 2010, Now Honorary Chairman for Life "Mike Trotter may be the most well-informed and prescient current  commentator on the economics and structure of organizations providing legal  services to our nations' businesses. " Declining Prospects" pulls together  a remarkable wealth of data on changes in large law firm economics and  organization over recent decades and provides insightful analysis regarding  the significance of these changes and the impact they may have on lawyers  in and entering the profession. Whether his pessimism about the future of  the highly-leveraged large commercial law firm is fully justified, only  time will tell, but Trotter provides a factual basis for the intelligent  reader to draw his or her own conclusions. For the young person considering  law school and the possibility of a large-firm business law career, I  cannot overstate the importance of reading and fully understanding  "Declining Prospects." As Trotter makes clear, the likelihood of a  long-term high income career has declined while the costs of a legal  education have escalated substantially. I believe every lawyer should give  a copy of "Declining Prospects" to his favorite niece or young friend  contemplating law school. I certainly will." John D. Hopkins, Jr. Retired Executive Vice President and General Counsel of Jefferson Pilot Corporation,former leader of the Corporate and M&A Practices of King & Spalding, and Partner, Taylor English Duma LLP"From the vantage point of a historian, economist and lawyer who personally  has prospered from the phenomenal growth of the business of law, "Declining  Prospects" author Mike Trotter tells us where the legal profession has been  and where it's going. Not everyone will embrace the future he sees for  lawyers, particularly the big law firms that have pushed partner profits to  dizzying heights. While there's a bit of the scold in Trotter's analysis,  he makes his best case for a changing business model for the profession  when he falls back on his exhaustively detailed economic analysis of what  happens when you have an increasing number of lawyers chasing a diminishing amount of work. For those contemplating their own future in the law, the message is clear: Enter the profession at your own risk and do it for the right reasons".Ed BeanEditor in Chief/Associate Publisher"The Daily Report" ALM"END  OF AN ERA -- Michael Trotter has written a frank piece of professional  introspection - a wake-up call for the largest corporate law firms who  are used to generating extraordinary profits. Trotter looks at changes  in legal practice in firms using the "New York Model" which has vastly  increased the hours worked by lawyers and created highly leveraged  teams. These firms can only be maintained at vast expense, create  unhappy lawyers and have adversely affected the quality and value of  client service. Competition between these firms takes place amid  over-supply and the growth of in-house legal departments, which are  taking more work in-house. He concludes that something has to give.  Smaller "New Model Firms" are emerging, which use leveraging that  clients prefer and cost less. They take opportunities other firms miss  and will compete for more high-end work. "Declining Prospects" is a sane  read, but its conclusions change everything."Eduardo ReyesFeatures Editor"The Law Society Gazette"“Trotter  provides an interesting perspective as to where law firms are heading  and provides advice as to how law firms can maintain their value and  prestige in this new world." Marjorie L. SteinOffice AdministratorHogan Lovells US LLPin the September/October 2012 edition of New York, New York,a publication of the New York City Chapter of the Association of Legal Administrators"