As someone who has observed the traditional “Big Law” economic model both as a former full-time attorney and as an outsider – that is I’ve both BILLED HOURS and SEEN THE BILLS – I concur that the massive disruptions taking place at many of even the absolute top “white shoe firms” actually does mark a watershed moment. We may literally have front-row seats at the funeral of what was once one of the business world’s most esteemed (and profitable) cultures. The ripple effects will be felt from Wall Street to Academia and on Main Street as well.
This, friends, is what our Vice President would most certainly call a “BFD.”
[â€œThe Last Days of Big Law: You Canâ€™t Imagine The Terror When The Money Dries Up,â€ The New Republic, 7/21/2013]