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When Will Disruption Hit the Legal Industry?
Economics tells us an industry that experiences a drop in aggregate demand, adds production capacity, and increases the market overlap among competitors will suffer price erosion and profitability decline. Law firms fit this profile. Yet, in talking with law firm partners, you don't get the sense that any such “disruption” is happening. Perhaps economics has bypassed law? A closer look seems warranted.
The Data
Law is a cyclical business. Thus, it's important when looking at law firm performance to do so in the context of the overall economy. Figure 1, below, shows how revenue-per-lawyer (RPL) has varied with U.S. gross domestic product (GDP) since 1994 (the first year of reliable data gathering).
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Major Differences In UK, U.S. Copyright Laws
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