Venable partner Phil Horowitz was quoted in a November 9, 2011 Law360 article on a new trend by law firms to improve efficiency and save money by cutting back on office space.
Noting that law firms are trying to emulate the corporate model by operating more like a business, Horowitz said, “Because clients are more sophisticated about controlling legal costs, law firms have had to become more focused on containing costs and are seeking maximum efficiencies.” Horowitz added that improved efficiency has benefits for clients saying, “If firms see their profits shrinking, there is pressure to increase the rates lawyers charge, but when they achieve efficiencies, there is a reduction of that pressure.”
Noting that law firms are trying to emulate the corporate model by operating more like a business, Horowitz said, “Because clients are more sophisticated about controlling legal costs, law firms have had to become more focused on containing costs and are seeking maximum efficiencies.” Horowitz added that improved efficiency has benefits for clients saying, “If firms see their profits shrinking, there is pressure to increase the rates lawyers charge, but when they achieve efficiencies, there is a reduction of that pressure.”