Don't cry for Big Law

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By David Marcus

It's a frightening time to be a lawyer. Law firms have laid off partners, associates and staff. They've faced the sudden onset of client frugality. They'll dramatically reduce and in some cases eliminate law school recruiting this fall. These changes have led many observers to argue that Big Law is about to undergo a fundamental overhaul.

That fear is unwarranted. Lawyers looking for comfort should cast their eyes to Silicon Valley. The crash of 2000 could have been cataclysmic for law firms based there. The number of tech initial public offerings fell by 85%, which resulted in a huge decline both in securities work and the number of new public companies law firms had to advise. National firms that came into Silicon Valley during the boom successfully competed for work from large corporate clients that local firms would once have handled.

Out of necessity or choice, tech law firms did not dramatically expand their focus. As technology became an increasingly global business, firms such as Wilson Sonsini Goodrich & Rosati PC and Cooley Godward Kronish LLP did not open offices overseas. Nor did they develop dominant regulatory practices in Washington as the federal government started to focus more on tech companies.

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Don't cry for Big Law (The Deal Magazine)