Block on Trump's Asylum Ban Upheld by Supreme Court
Lawyers make a lot of money, and just maybe, California law firms are part of the problem instead of the solution.
In the '90s, Silicon Valley powerhouse Gunderson Dettmer kicked off the salary shift in the Bay Area by offering new associates $125,000 salaries, which prompted competitors to match the blockbuster salaries. The cost of the salaries was passed along to the consumer as an increase in legal fees, reports Forbes.
Even as various economic bubbles burst, the billable hour rates for legal work remained high. But Forbes suggests that the “legal industry is in the midst of a once-in-a-generation disruption,” and everything’s about to change.
That’s not surprising, given the backlash against exorbitant first-year associate salaries. As clients refuse to pay top-dollar to fund the learning curve for neophyte attorneys, law firms are being forced to consider alternatives. Here are just a few of the ideas that are gaining traction:
Would you consider any of these revenue-reducing measures to keep the clients coming?