Has the juice been squeezed from BigLaw’s business model?

Central to the profitability of the ‘BigLaw’ business model is how rainmaking equity partners, i.e. the owners, win work for the firm and enlist other fee-earners to do the bulk of this work. Since the 1950s, this model has been hugely successful, both in serving clients and making a great deal of money for owners. However, the capacity to exploit this business model has a ceiling; and this appears to be fast approaching.

Evidence: Why BigLaw firms must start remaking now

Here’s the first evidence based on projections of market share showing why BigLaw firms must start remaking their business model now. And by implication, the consequences of not doing so.

Where the market shares of the major players in the legal services industry are headed in the next 10 years makes a major and urgent case for traditional commercial and corporate law firms to act sooner rather than later. 

First steps in remaking a BigLaw firm

In his Foreword to Remaking Law Firms: Why & How Eduardo Leite, Chairman of the Executive Committee of Baker & McKenzie writes “There was a time when we mostly worried about advising clients and billing time. Today, we deal with disruptive technologies, commoditization, unbundling of legal services, globalization of firms, BigLaw and NewLaw, and co-opetition…

Remaking Law Firms: A perfect primer

It arrived in the mail yesterday, a perfect primer for those who are thinking about remaking their law firm. “It” is the The Clayton M. Christensen Reader, a 2016 treasure trove compilation of Christensen’s and co-authors’ writings that are as relevant to legal services as they are to music, taxis, postal services and every other industry.

Remaking Law Firms: 10 reasons BigLaw managing partners are not sleeping very well

We have heard at least 10 reasons why BigLaw managing partners are not sleeping very well in recent one-on-one conversations and our beatonlive conferences. Some are deeply worried. Others are truly excited. This post is  a summary of why this dichotomy exists. In no particular order these are 10 reasons BigLaw managing partners are not sleeping very well [1].

Remaking Law Firms: Will we ever see a $10 billion BigLaw firm?

Will we ever see a $10 billion BigLaw firm? Is a $10 billion BigLaw firm unthinkable? Is the very thought of a firm four times the size of today’s largest far-fetched? Perhaps not, as the following analysis suggests.