Thankfully, the tsunami that claimed so many BigLaw casualties in 2009 and 2010 is increasingly a distant memory as the waters of 2011 have remained relatively tranquil. We are certainly not only leaner and more efficient but also more circumspect as we venture further into the heart of 2011, major American and British firms focusing more of their attention outward and exploring opportunities especially in the emerging foreign markets of the so-called BRIC countries – namely Brazil, Russia, India and China. Francis B. Burch, Jr., global chairman of DLA Piper explained: “If you look at where the large multinationals and the most attractive emerging technology companies are generating their revenue and their net income and where they expect to see the most growth, it’s in the BRIC countries.”
Our long held view that BigLaw is among the most conservatively run and change resistant industries on the planet seems understated in light of the tornedos that we’ve been experiencing of late. That said, 2010 served to raise awareness of issues critical to our long term viability such as globalization, diversification of practices as well as personnel, alternative billing and work-life balance and it appears that by and large, while still far from healthy, BigLaw is a better place to live and work as we enter 2011 than it was a year ago.
Listen carefully and you will hear BigLaw breathing a collective sigh of relief as we continue to distance ourselves from the worst financial crisis since the Great Depression and the ensuing havoc that characterized the legal market of 2009.
While “tepid stability amidst continuing uncertainty” may best define the state of the legal market during the second quarter of 2010, stability of any sort has come as welcome relief from the historic tumult that characterized the brutal legal market of 2009.
As predicted, our law firms are now by and large leaner, meaner, and more competitive and also more focused on creating healthy, fair and diverse workplaces flexible enough to meet the needs of increasingly empowered personnel and clients alike. Layoffs are no longer the issue of the day and firms are taking advantage of the best buyer’s market in years to plug holes in practice capacity and acquire rare talent. Moreover, firms are continuing to branch out into emerging markets recognized as necessary hedges to the traditional bread and butter major-market corporate work that has sustained BigLaw for decades.
With 2009 — the most tumltuous year in the history of major law firms since the Great Depression — now a full quarter behind us, we are poised to assess the extent to which the myriad changes then implemented in the universe of BigLaw seem to have taken root, and prognosticate a bit as to what we are likely to see in the three quarters to come.