2020 has delivered enormous changes to the ways we live and work. But will American law firms be ready to recognize and use this as an opportunity to create real change? In her book “Seeing Around Corners: How to Spot Inflection Points in Business Before They Happen,” business professor Rita McGrath defines an inflection point as a moment that “upends the basic assumptions that a business model is built on.”

Law firms are certainly responding to new economic conditions, but one would be hard-pressed to make a serious argument that most have reached anything close to an inflection point. The business model of large law firms remains firmly intact. Aside from some belt-tightening, most firms appear to be advancing the status quo ante.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]