c3pO4 wrote:wait, when did law become a business? i thought it was a profession! but seriously, this is old news to every other industry. our generation is poised to bring concepts of value and efficiency to the practice of law. when markets change, it is a great time to be in as long as you can avoid getting drowned. anybody who started law school after 2008 is not going to be surprised by any of this. the people currently in power at biglaw firms are not equiped to handle this - they are from a dfiferent universe
The flaw I see is that value and efficiency come at the expense of the number of associates hired. Because so many people are counting on biglaw to pay their loans, this is not great news for those with massive debt and a shrinking employment market. The other flaw is the need for large firms to handle comes, sophisticated matters, but no economies of scale for biglaw.
I guess we agree that the problem is the greed of the partners- but Dewey wasn't even funding it's pension obligations to previous partners. They were in a very deep hole.
Partners are already being cut. Weil basically said they would cut partners but are not allowed to under the partnership agreement, so they cut salaries. Firms are getting rid of non- producing partners.