One interesting “aside,” focused on the corrosive effect of “profits per partner.” The PPP ranking was created the American Lawyer and is a metric which is particularly susceptible to manipulation. Yet it has become the vehicle for not only measuring success, but also a key driver of rampant lateral poaching, which in turn has contributed to the cratering of many firms.
One partner in the audience only half tongue in cheek suggested that it was time to move up the alphabet and perhaps a legal publisher name starting with a “B” should create a new and more reliable competitive metric for measuring the success of law firms.
Bloomberg Law TV Interviewed Richard Susskind on May 2nd: With Radical Changes Law Firms Can Beat the Recession. Last week Lee Paccia interviewed legal “futurist” Richard Susskind who had a completely different take. Here are some surprising “take aways” Outsourcing is Temporary and Technology is the Future. We don’t have an oversupply of lawyers we have an undersupply of legal knowledge engineers!
Why Now? There is a further irony that Bloomberg has chosen to enter the legal information market at a time of such wrenching displacement in the legal market… unless Bloomberg has calculated to enter the breach and take advantage of the disruption.