Big Law’s rising rates and rigid “book of business” culture are shutting out talented young lawyers. Without room for growth or innovation, firms risk stagnation and consolidation. The solution: invest in potential, not just profit—let great lawyering matter again.
On the heels of my defense of Big Law, here comes the other shoe.
I know Big Law is just fine financially and can be a great path for some, but I’m seeing a growing and troubling pattern that’s going to be a real problem in the coming years — one that will lead to increased disenchantment with the profession and, eventually, more law firm consolidation at the top.
As rates sprint past $2,000 and even $3,000 an hour, there’s almost no chance for rising partners to build their books and grow their practices. The next generation is getting shut out. And when unhappy lawyers try to move for a fresh start, they run straight into the wall of “$2M in business or do not enter.”
There’s no room for talent appraisal. No consideration of ability or potential. No one seems to care whether you’re a good lawyer. It’s a bright line: you have enough for the ante, or you don’t. I've seen lawyers with amazing resumes, fantastic backgrounds, and tremendous talent get shut out. We're talking superstars who can lawyer with the best of them but don't have a fat book of business. It's a sad state of affairs when you make all the right choices and do all the right things only to realize being an excellent lawyer is nice to tell your mom but doesn't do diddly for a law firm. You're stuck, always at the mercy of others; never in control. Was the journey worth it? For too many people in that boat the answer is no.
And really, how many clients will continue happily paying these ever-escalating fees? It’s the same small pool of clients every firm chases, and as rates keep climbing, there will be fewer and fewer buyers. That leads to consolidation.
Just as the Big Eight accounting firms became Four, there’s an inevitable road toward consolidation at the top of Big Law.
You’d think this means opportunity for the rest of the law firm world — and you’d be wrong.
Smaller (but still large) firms, regional firms, and even much smaller firms need to stop imitating the biggest firms. Enough with the arbitrary, unbending minimum business requirements. Knock it off. You’re missing out on great talent — the people who will grow your revenue and reputation while also creating entirely new revenue streams as they build their own books of business. A book of business should be one factor, and I hate to break it to you, but if you can't hire star talent unless they have their own business already, you're not on solid financial ground.
The next generation needs a chance, too. If you don’t flex, you won’t grow. Your firm becomes one giant pot of homogenization — the same lawyers, from the same backgrounds, doing the same things, working with the same clients. You’re missing out on lawyers with different experiences and mentors who will make your firm a better place.
The mandatory minimum thresholds might make sense for a handful of megafirms chasing the same Fortune 50 clients and the lawyers who want that work, but for everyone else, it’s a self-inflicted wound — a slow narrowing of the talent pipeline. You end up recycling the same names and faces across firms, while the next generation either gives up, goes in-house, or builds something of their own.
That’s not healthy for the profession or sustainable for the market. And with AI coming, there might be a whole lot more lawyers who decide to gather their friends and go it on their own. Suddenly your succession plan looks vulnerable.
If you want to grow, invest in potential. Leave room for the future leaders of law.
Create paths for smart, driven, entrepreneurial lawyers to build a book inside your walls — not outside them.
Because the future rainmakers of your firm won’t come pre-baked with $2M in business. They’ll come with ideas, energy, and ambition. Give them oxygen, and they’ll give you growth.
Having a book of business is just one aspect of hiring. Evaluate talent, too. Balance it all.
Let’s make being a good lawyer matter again.
