Corporate & Securities Law

BigLaw and the Big Three

By John Wallbillich

Here in the Midwest, we are witnessing the end of the domestic auto industry as we know it. Whether or not GM and Chrysler merge in the near term, The Big Three may become the Big One (when you throw Toyota and Honda into the mix).

This has been coming for years, and the problems have been apparent for decades.

How does this relate to BigLaw?

By comparison to the domestic auto companies, it’s bracing how quickly a large law firm can race from robust to go-bust. Once things start to hit the press (such as with merger discussions or partner defections), what was once a months-long process can now be over in weeks.

This results in an open question for BigLaw firms:

Managing partners want to believe it’s the former. Some bankers and clients are starting to ask: what if it’s really the latter?

Next week, a look at why this matters to GCs. Our working title:

In these scary times, Halloween seems tame by comparison…

Full post as published by The Wired GC on October 31, 2008 (boomark / email).