Is the BigLaw model in peril?

A series of high profile transatlantic mergers between law firms that are ‘in less-than-brilliant shape’ has prompted commentators to question the future of the BigLaw model. This article suggests that those predicting the end of the legal profession might be getting a bit carried away, and that corporate law is more resilient than it might appear. The power of the reputation of a large law firm is crucial to many deals, and these firms are resourced to stay on top of the law in their jurisdictions, including the huge amount of regulation produced in the wake of the financial crisis. Further, the size and capacity for growth in the legal outsourcing market is often seriously overestimated. Total Indian legal outsourcing revenue for 2010 is expected to reach around £273m – a reather small figure compared with the combined turnover of the top 50 largest UK law firms in 2009, which stood at £11.8bn. Commentators have revised projections about the size of the Indian legal outsourcing market in five years’ time from £2.5bn to a more modest £680m.

Is the BigLaw model in peril? guardian.co.uk Thu, Dec 2, 2010