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Extract from article by Ben Farrow

Central to the profitability of the ‘BigLaw’ business model is how rainmaking equity partners, i.e. the owners, win work for the firm and enlist other fee-earners to do the bulk of this work. Since the 1950s, this model has been hugely successful, both in serving clients and making a great deal of money for owners. However, the capacity to exploit this business model has a ceiling; and this appears to be fast approaching.

Analysing the legal markets of major common law jurisdictions, including Australia, the UK and the US, reveals varying degrees of profitability growth amongst traditional BigLaw firms over recent years. While BigLaw owners may be encouraged by some reports of profit figures, the evidence points to partnerships squeezing the last they can out of the BigLaw business model’s profitability levers. As new forms of competitors continue to emerge and take market share from BigLaw, its profitability levers may soon become ineffective.

 

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