Don't Bury Big Law Just Yet

, The Am Law Daily

   | 2 Comments

Headlines like "The Last Days of Big Law" are great—eye-catching and search-engine optimized. If only they were true. A deeper look at how the largest firms are doing, short-term and long-term, shows resilience and growth.

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What's being said

  • The New Republic cover story cited the advent of 'trade' publications like amlaw, and its signature PPP reporting, as one facilitator of the hyper drive towards increased law-firm profitability, resulting in the 'corporatization' and 'downsizing' of many law firms, so there's a bit of a conflict-of-interest stench hovering over criticisms made in this amlaw article. It's true that amlaw's shenanigans have led to higher salaries for partners and everyone down the totem pole (by bleeding highjacked clients - "would you like some more leverage-pudding to choke on, general counsel sir"), but this article misinterprets the New Republic piece because that piece did not predict the demise of biglaw, it predicted consolidation, which if true, leads to the more provocative question about market power. If we have 200 or so biglaw firms today, many who gouge their clients on pricing, what will happen when we only have 20-25 firms tomorrow? Will we have greater access of legal services? To competitive pricing? To choice?

  • kgruben

    Hmm, that increase ($6BB to $58BB) works out to around 9.5% per year. Better than the usual 7% used for "good" returns.

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