Major law firms are anachronisms according to the logic of the cool-headed economists and management theorists. Ever since Berle and Means first preached the division of owners and managers in their seminal work, most shareholders exist separately from management, preferring a passive voice when it comes to directing the actions of their firms, and by…
Tag: Big Law
The Evolving Business Model of “Big Law”
In the years following the 2008 global recession, the legal industry’s largest firms faced financial difficulties resulting in mass layoffs, mergers, and bankruptcies1 In this blog post, I will discuss some of the changes that have occurred in the “biglaw” industry since the recession along with the reasons for these changes. Most notably, many large…