Ed Poll discusses the effect that the new reality or the consumer market and the corporate market have on the legal profession.
Consumer Market
~The consumer market includes divorce law, personal injury law and debt collection.
~The consumer market is more commodity based; more standardized; therefore more cost sensitive than other practice areas.
Corporate Market
General Council have become more sensitive to total legal costs due to pressure from CFOs and CEOs.
~Corporations are cutting back on the number of firms handling their business in an effort to control costs.
~The conversions factor is pressuring outside firms to become more efficient
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