Editor’s Note: This story is adapted from ALM’s Mid-Market Report. For more business of law coverage exclusively geared toward midsize firms, sign up for a free trial subscription to ALM’s weekly newsletter, The Mid-Market Report.

In a presentation given at ALM’s annual Legalweek conference in New York recently, Nicholas Bruch and Erin Hichman of ALM Legal Intelligence described a legal industry that’s increasingly splitting into two segments—”bet the company” and ”run the company.”