Change or die?

There has been a lot of talk of the changing legal landscape and how this will  affect the law firms for a while now, but the last days this question has reached a practial significance in the reports regarding Howrey law firm. Reportedly, Howrey, which is said to be one of the largest firms in the US, is closing down its business today. One reason is said to be the new alternative fee model and the need to change the business model. "And you really can't blame them. The billable-hour model was invented in 1919, and big firms like Howrey have known nothing else."

In an interview the  Howrey CEO Bob Ruyak commented this; " Partners at major law firms have very little tolerance for change."

This is only the latest of several major law that has been belonging to Am Law 100 and now has dissolved, see BigLaw Dead Pool. And now there are also reports of two more law firms to shut down; David J Stern and Yoss LLP, one of South Florida's largest law firms with about 180 attorneys and at least 100 staff that will be closing down by the end of the month when all the employees will be laid off.

What other law firms will dissolve due to inability to change their business model? Who will come next? And will we see this development  also on the Scandinavian market within short?

 

 

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