Lawyers work in law firms, and law firms belong to the
legal industry. According to Becker et al. (2001), the legal
industry will change rapidly because of three important
trends. First, global companies increasingly seek out law
firms that can provide consistent support at all business
locations and integrated cross-border assistance for significant
mergers and acquisitions, as well as capital-market
transactions. Second, client loyalty is decreasing as companies
increasingly base purchases of legal services on a
more objective assessment of their value, defined as benefits
net of price. Finally, new competitors have entered the
market, such as accounting firms and Internet-based legal
services firms.