While the bleeding has stopped in the wake of the recent credit crisis, as the smoke clears this study argues that the landscape has shifted (how’s that for mixing some metaphors?). The report by a Georgetown center is an attempt to get at the question whether the recent crisis is cyclical or secular. This study is biased in the secular direction.
There is very little serious empirical research here to demonstrate why that must be the case. It is mostly a survey at a fairly 30,000 foot level of current law firm practices. But there is no assessment of what happens if, or when, economic recovery becomes more robust.
Nonetheless, it would be prudent to take into account their conclusion that while recovery is happening, it is taking place very slowly. That means there are opportunities now to remodel both legal practice and legal education. As I have suggested here, for example, now is a very good time for law schools to think about going MOOC.