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 our economy crumbles, the American public observes like lemmings as the Wall Street criminals who executed the greatest financial fraud in history add insult to our collective injury by continuing to openly steal billions. Only now, instead of conning the world into believing that their excrement is some sort of sophisticated securities derivative too complex for non-Streeters to comprehend, they are referring to their cash grab as “bonuses.” Relatively insignificant sociopaths like Bernie Madoff can only aspire to sit at the desks of these miscreants whose greed may still prove monumental enough to bring us all to ruin. We at Hanover Legal are certainly not the first to ask whether and when members of our legal community should have recognized and tried to put a stop to the epic Wall Street slight of hand. However, we viewed our function as limited to servicing the financiers to whatever extent we were paid to do so, and as long as Moody’s and S&P were signing off on these transactions with their highest ratings, who were we to raise an eyebrow?