The Jackson reforms may save our legal profession, says Dominic Regan
Last week a law firm dismissed scores of lawyers and support staff as well as slashing the earnings of several partners. One cannot point the finger at Lord Justice Jackson since the firm is based 3,500 miles away on 5th Avenue, New York. Weil, Gotshal & Manges is not any old firm. It has acted for Apple, General Electric and General Motors. For the last eight years it has been listed as one of the top 20 practices in the USA.
The new normal
In a fabulous phrase the firm, in announcing the cuts, referred to “a new normal” in law where the market for premium (for which read “mighty expensive”) services is shrinking. Clients increasingly want a fixed fee set for large cases or the completion of significant transactions. The trickle-down effect is clear to see. If the leviathans are under the cosh, and how wise of them to concede the point, then everyone else will follow. There will be no turning back so better to acknowledge where we are
