A year ago we began tracking the advent of fundamental change in the large law firm world. As is our habit, we rather grandly labeled it “The Change Agenda“–a combination of vectors that in our view had the prospect of forcing a conservative, risk-averse community to move out of its comfort zone. Where are we today? The outside investors bearing sacks of subversive cash haven’t arrived yet; they must be caught in traffic trying to get to Bear Stearns. And the transformational technology remains a slow-gestating messiah, though a fixture on the talk show circuit. But the other two change vectors, significant shifts in the attitudes and habits of clients and in the law firm talent model–now, make that models–seem clearly upon us and, even when the supply and demand curve shifts, likely irreversible.
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