BigLaw, rather than learning from the lessons of the Crash of 2007 and the collapse of Dewey & LeBoeuf, seems to be stuck in the past. That's what seems to be indicated in the report just released by LexisNexis "Think Like Your Client: Strategic Planning in Law Firms." Here you can read it.
The study found that BigLaw is primarily focused on growing revenues. To do that it is, as Dewey & LeBoeuf did, hiring laterals who have a book of business. However that didn't work out for that law law and it may not pan out for others. Hiring laterals is expensive. And their client base could leave since the study also found that BigLaw is not preoccupied with client satisfaction. As many know, client churn is high in legal services.
Instead of developing a new business model which aligns with the shift from a seller's to a buyer's market, BigLaw seems to aim for maximizing revenue. That makes it vulnerable to upstarts which are more responsive, produce better results, and charge less. Those upstarts tend to adopt a virtual model, exploit technology, and shun hiring brandnames or stars.