The Economics of Kirkland and Cravath

The compulsively readable James Stewart of The New York Times, who authors the weekly “Common Sense” column, which ranges widely across the business landscape, just published “$11 Million a  Year for a Law Partner? Bidding War Grows at Top-Tier...

Question of Month: Succession Planning: Why is it Radioactive?

This column is by Janet Stanton, Partner, Adam Smith, Esq. Dear Readers, Succession planning has been much on our minds lately, in part because it is so rarely on the minds of most law firms or lawyers.  And as Bruce noted when posing this question, “according to the...

The 2018 Thomson Reuters/Georgetown Report on Law Land

Our friends at Thomson Reuters Legal Executive Institute asked us if we might share some thoughts with them on this year’s always enlightening and probing Report on the State of the Legal Market and they published our reflections a few days ago. We are delighted...

How Big is the NewLaw Revenue Suck?

OK, that’s an uncivilized headline, so we can dignify matters by calling the NewLaw Revenue S-&$*(# the NewLaw multiplier.  This multiplier, however, is not your friend. In economics the concept of “multipliers” is widely applied.  Keynes famously argued in his...

Is BigLaw One Business, or Two?

I’m coming to the conclusion that BigLaw is not one business, but two different businesses.  Some firms (a minority) are in one business, but most firms are in another business entirely. Note what I am not saying:  I’m not saying some firms have one business model and...

The End of Leverage?

More so of late, but for some time, we’ve been harboring the suspicion that the glory days of the high-leverage model are over.  Could we be seeing the end of leverage? Of course, many management fads fashions tend to come and go, which is why we at Adam Smith, Esq....
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