Book Review

• Citation: Vol. 38 No. 1 Pg. 18
• Publication year: 2015
• Pages: 18
• Year: 2015
• topic: Business of Law

Book Review Vol. 38 No. 1 Pg. 18 Wyoming Bar Journal February, 2015

Blake A. Klinkner President, Young Lawyers Section.

Rain Power: A Young Professional's Guide to Achieving Wealth and Happiness by Steven Zuckerman

The recent economic recession changed the business of law in a number of ways. Most law firms reduced the size of their summer associate classes, and a number of firms decided to eliminate summer associateships entirely. Clients have begun scrutinizing legal bills and expenses like never before, and increasingly law firms are told they can no longer expect young associates to be "trained" on the client's dime. Many businesses are taking a closer look at bringing legal work in-house, and others have begun sending work to legal process outsourcers. Businesses that continue to rely upon law firms have found that they now have considerable leverage to negotiate cost-saving alternative fee structures such as fiat-rate or outcome-based arrangements. Several high-profile law firms shuttered during the downturn, and many other prominent firms have been forced to restructure during the recession in ways which have included associate and partner layoffs, and the dissolution of entire practice groups.

Young attorneys should be aware of these developments, and understand that the business of law is still in flux and adapting to new economic realities. However, young attorneys should also be aware that "the more things change, the more they stay the same" with regard to one aspect of the legal profession...