Law firms going the way of Kodak, says Georgetown-TR report
The recent "2016 Report on the State of the Legal Market" by Georgetown Law-Thomson Reuters likens law firms to Kodak. Its unwillingness to adapt in time to the dramatically changing market environment of digital photography, in order to protect its historically lucrative film business, led to bankruptcy. The report presents much financial information about the law firm market in 2015, and draws some conclusions from the data about trends. The report concludes with the prediction that ultimately the firms that succeed will be those that not only understand the dynamics of today's market, but also "have the courage to make the necessary changes to respond to them." Only hindsight will tell how valid the Kodak analogy is, though. Still several of the report's assertions, described in the conclusion of this post, do appear correct.