Could BigLaw follow Wall Street in unraveling?
Few saw that Wall Street Masters of the Universe were really Naked Emperors? Michael Lewis, of Liar’s Poker, writes in The End (Portfolio.com, 11 Nov 2008) about a few who did see the emperor had no clothing.
Could large law firms meet the same fate? Nonsense! That’s what most said about the now defunct or bailed out financial titans.
Here’s a scenario: Fortune 500 general counsels decide suddenly that AmLaw 100 brand names are not worth the premium so shift huge chunks of work to “lesser” firms. Impossible? Before dismissing this, read Rees Morrison’s Why Law Departments Should Beware Super-Sized Firms or Ben Heineman’s Big Isn’t Always Better (Corporate Counsel, Nov 2008) .