We are entering the silly season when the talking heads on the television “ooh” and “ah” about the fact that it is snowing/sleeting/freezing-raining outside and, in accord with Charles Darwin’s law, those destined to leave the gene pool again careen and carom off ice roads and highways while weathermen and -women show us real-time video of the weather outside, as if we couldn’t look out the window and see the same thing without the breathless narration. Having thrown both my shoes at the TV—and having been banished to the office by my wife—I now turn my thoughts to the year ahead.
Some trends will continue apace. Big firms will continue to get bigger as they look for the magic sweet spot where they can recapture the salad days when they made lots of money, enjoyed two-martini lunches, and brought in scores of new hires every year to do the scut work. Troubling trends—including shrinking numbers of equity partners, increasing price sensitivity on the part of large clients and intense competition—will continue apace. Merger mania will lead to bigger corpses for the bankruptcy bar to pick over.
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