|Photo credit: L. Tripoli|
Can the Legal Industry Sustain Itself?
The New Year’s news of layoffs at BigLaw’s Reed Smith and the reminder that firms are quietly relying more on contract associates rather than on partnership-track ones show that the legal business is far from staid and is ripe for continued shake-up. So much of what’s happening on the BigLaw scene reminds me of my days as a political science student during the end of the Cold-War era when so many of my professors would say that they didn’t see how the Soviet Union could possibly sustain itself. Ultimately, it couldn’t. I see BigLaw being in the same sort of transformative moment no matter how much industry leaders may want to avoid it.
Industry followers foresee continuing shifts for the coming year, as the LexisNexis Business of Law Blog posted. Check out my forecast in Beautiful Minds: 41 Legal Industry Predictions for 2016.
Interested in the trajectory of the legal business? You might like these posts:
- What the Future Holds for the Legal Business
- The High Price of Keeping Up Appearances
- Should Law Firms Proactively Cut their Fees?