SUPPLY, DEMAND, AND THE CHANGING ECONOMICS OF LARGE LAW FIRMS by ProQuest

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Galanter and Palay's arguments confirmed fears that the legal "golden age" of the 1960s had given way to a model based on unchecked competition and growth.3 In spite of these developments, and partly because of them, the legal profession also faces an exciting new opportunity.4 The shift towards commercialism has introduced external market forces to an industry long insulated from them.5 If mobilized properly, the consumers of corporate legal services can use their new market power to address some of the most critical problems facing the elite firms, especially the lack of diversity within firm leadership, rising associate attrition rates, and an over-reliance on the billable hour.6 The "professionalism" that dominated elite firms in the middle of the twentieth century undoubtedly encouraged civility and trust between lawyers. Most prestigious law schools have not increased their enrollment to meet the rising demand,9 which has created scarcity in the labor market for new elite law graduates. 11 In his speech, he argued that flat rates would help Cisco's bottom line, partly because ending the billable hour would cut attrition rates at large law firms, which, in turn, would reduce the cost of legal services.12 * Around the same time, a group of female students at Yale Law School published their first annual ranking of the ten most family friendly firms.\n But just as economic forces have sparked a crisis in the legal profession, so too can economic forces be deployed to fix some of the problems befalling the legal industry.221 The key to that deployment is a coordinated organizing effort by students aimed at producing real, measurable change.

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