Does Prestige Always Equal Quality? Are Price or Prestige A Measure A True Measure of Capability?

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There are few times in history -– usually under difficult economic conditions – when the rigid truths and myths of the professions are assaulted. One such myth is that people will always need lawyers and accountants, and that these professions will thrive in times when others fail or falter. That this myth is false may be seen in the currently diminished staffs of some of the most prestigious law firms. As in an old Russian folk tale, the children – the associates – are being thrown to the wolves chasing the sled to appease the beasts. Or to slow the assault of recession.

Another myth is that the size of a professional firm protects it from competition from smaller firms, because, it’s implied, the larger firm has the greater expertise. This is a myth belied, as we shall see further on, by the very nature of any profession.

And a third myth is that a firm’s prestige, however gained, will protect it from being axed by corporations and others during periods of economic downturn. (See myth one.) Or that prestige always means quality. Or that prestige is always the imprimatur and armor that protects the firm from economic attacks – or even demise.

For those who believe in these myths, there is ultimately disillusion.

Please see full letter for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Bruce W. Marcus | Attorney Advertising

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