In the rise and fall of industries, Austrian economist Joseph Schumpeter’s most famous phrase — “creative destruction” — describes the fall that precipitates the rise of the next era, the moment when the old ways come crashing down. It’s a fate from which the legal industry is not immune.
Taking a Schumpeterian perspective on the dynamic between law departments and outside firms, University of Oxford Saïd Business School professor Mari Sako probes the disruptive forces at play in a business model that is changing in her latest study, “General Counsel with Power?”
