After leaving his job as a lawyer for Goliath National Bank,…
After leaving his job as a lawyer for Goliath National Bank, Marshall joins a boutique environmental law firm in New York City, where many top environmental lawyers and firms are concentrated. To stay competitive, he regularly attends local legal seminars, where he and other lawyers exchange new legal strategies, precedent-setting case insights, and best practices for handling environmental lawsuits. As a result, Marshall’s firm becomes more efficient and lowers its costs, even without hiring more lawyers or increasing its spending on research. What economic concept best explains this phenomenon?
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