According to the ABA Journal, "More law firms are quoting suicidal prices for legal work just to get the business."
As greater numbers of firms offer lower fees in order to generate business, the result could be more law firm failures. Since law firms need to pay their partners regularly, losing money for even one year can have a profound impact on their ability to stay in business.
Pressures causing firms to offer reduced fees include a difficult economy and excess capacity in the legal industry. And the problem appears to affect all segments of the legal industry.
You can read more in the ABA Journal's article. And if you have an opinion, please share with us in the comments section below.
No comments:
Post a Comment