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.

In terms of career development, the implication for young lawyers is that they should eschew the typical advice to develop a singular deep expertise and instead look to combine a legal expertise with a broader skill set. The broader skill set includes things like effective interpersonal and negotiation skills, business understanding and judgment and empathizing with and understanding client's psychological needs. Achieved in full, that lawyer can meet the unstated, but fundamental, client need: assurance.