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The Death of Big Law
Larry E. Ribstein University of Illinois College of Law September 3, 2009 University of Illinois Law & Economics Research Paper No. LE09-025 Abstract: Large law firms face unprecedented stress. Many have dissolved, gone bankrupt or significantly downsized in recent years. These events reflect more than just a shrinking economy: the basic business model of the large U.S. law firm is failing and needs fundamental restructuring. There are at least three prerequisites to establishing the viable large legal services firm of the future. First, the firm must own a core of durable, firm-specific property. Second, the firm must be able to secure non-lawyer financing in a variety of forms. Third, coherent legal structures must evolve that are suitable for large law firms. Big Law’s ability to meet these conditions is contingent on significant changes in the regulation of law practice. The article discusses the current stresses on Big Law, potential business models for legal services, and the forces that may usher in the introduction of these models.
JEL Classifications: K20, K22, L51 Working Paper SeriesDate posted: September 04, 2009 ; Last revised: September 10, 2009Suggested CitationContact Information
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