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John C. Coffee Jr. John C. Coffee Jr.

Joseph Schumpeter famously proclaimed that capitalism works through “creative destruction,” as its institutions are periodically torn apart and reshaped. See Joseph A. Schumpeter, Capitalism, Socialism, and Democracy (1942). We last saw such a wave of destruction in the 1980s-1990s, when takeovers downsized and pruned the conglomerate. Large law firms are also very capitalistic institutions and may be about to face a similar wave of change and disruption.

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