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ANALYSIS
Talent wars, mergers and rate increases all relate to the deepening divide between a few big firms and the rest of the legal industry.
November 12, 2021 at 05:00 AM
7 minute read
Law Firm Competition
In Big Law, which was already showing obvious stratification in recent years, the elite and most profitable firms have pulled even further ahead in a dynamic only exacerbated by the pandemic.
The residual effects of consolidation at the top of the industry can be seen in the current environment: the increasingly exorbitant arms race for talent, several-hundred-lawyer firms looking to quickly scale up through combinations, increasingly disparate financial outcomes, and constant rate increases at the leading firms while other firms face rate pressure.
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