Large law firms are increasingly handling higher-end work and ceding the lower-end tasks to other providers. While the transition will be wrenching, this is good news for elite firms for a number of reasons. An ever more uncertain and complex world ensures robust demand for that high-end work, individual firms have a greater ability to provide offerings that few alternative providers can match, leading to better price realization and profitability.
The shift in demand to the upper levels of the stack is also good news for the best young lawyers. It means less time paying one’s dues doing document review and due diligence and more time on the more challenging and interesting aspects of client service.
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