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It’s official. Big law firms are here to stay!
But the beauty of free market capitalism continues to have the positive
refining evolutionary effect to the business of law.
According to the American Lawyer, the top 100 highest grossing law firms
in the US reached over $70 billion in revenues during 2011. This does not include the
revenue of the second 100 law firms or the additional 400 other (of 600 law firms
office size 25+)
So we are talking about a potential near $200 billion dollar industry. That money
will not disappear although it may change hands to more entrepreneurial
architects of genius and evident opportunity.
I want to encourage all those lawyers wondering: What’s next?
We are in for an exciting ride for the law industry but only for the good.
What one groomed large global law firm CEO told me, “Chris, hold on tight. We are entering
what was the 90’s for Accounting firms. Their Age of Consolidation is creeping upon law firms.”
So Big law is here to stay, yet we will continue to see law firm mergers, spin offs, and
implosions. Large public, private, and middle market clients will still need the
personality and expertise within the four walls of a large law firm.
Large law firms will grow exponentially in both gross revenue and head count.
The ones that made smart lateral acquisitions, strong law firm culture, and wise
management systems and structures. These will resemble the looks the now Big 4 Accounting
So the Big 4 have head counts in the 30k-100k and revenues of $25+ billion.
The largest head count for Big Law is over 4k and revenues nearing $2 billion.
We have a lot of growth, mergers, and shifting to go. The anticipation of this
will be over the next 5-10 years.
In my next Lion Report, I’ll address the emergence or explosion of the lawyer middle class.
Big Law News…….. for Exclusive subscribers
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Steven J. Harper, Esq., former Kirkland & Ellis partner, now blogger of
“The Belly of the Beast” has a series of profiles on Dewey’s decision makers
that lead to the demise of the firm.
Alexander Hamilton, Thomas Jefferson & Law Firms
Bruce MacEwen of AdamSmith, Esq is a revered law firm blogger. I am featuring him
with his insightful thoughts on some of our nation’s founding leaders.
Business Development, Law Firms and You
Whether you are an AML100 Executive, law student or income partner, you should read this.
Lateral Partner Due Diligence
This is a great article addressing the questions matters of lateral partner moves.
Houston Firms continue to be poached White shoe firms continue to move into Energy Mecca.
Big Law Jobs…….. for Exclusive subscribers
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—–> Calling all Banking & Finance Partners
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Rare opportunity to join Global firm’s Latin Am PF group.