What is it with the mid-tier, that much-maligned but ill-defined group of law firms that always gets it in the neck from consultants, pundits and journalists? Written off whatever the conditions of the day, observers of the legal industry will usually be told this breed will soon be history as an over-supplied and fragmented market is carved up between industry leaders and nimble boutiques.
While there is a grain of truth here – which we’ll get to later – it’s usually stretched to the point of woolly nonsense delivered with shaky reference to the facts.
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