Law Practice
Sep. 17, 2009
The Demise of Big Firms
BigLaw could learn lessons from the famously unsuccessful corporate conglomorates of the '60s and '70s, writes Edwin B. Reeser.
Let's take a look at the fast move to the "bigger and in more places" growth of BigLaw over the past decade and a half. It is not a new idea. First. Going back to the days of Jim Ling of LTV and Charlie Bluhdorn of Gulf & Western, we saw the rise of the "conglomerate," the building of massive, far flung business empires of widely disparate business lines, pyramiding off the cash flows and leverage of recent acquisitions to fund...
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