Can you remember a time when there was so much talk of more BigLaw firm failures? I can’t.
Count yourself a believer or a sceptic (and there are hard core advocates on both sides, including gleeful cheerleaders in the first camp and diehard deniers in the second camp), this is a new phenomenon on our landscape.By way of comparison, not incidentally, think of all the industries where cocktail chatter about the next firm to fail is coin of the realm: Silicon Valley, most prominently, but also broad swathes of the economy from manufacturing to service providers to small business, which features the highest mortality rates of all. I have news for you: failure is commonplace; decades in existence is rare; survival across multiple generations is exceptional.
