Preeminent industry consultant and friend of ATL Bruce MacEwen has published a new book, Tomorrowland (affiliate link), which lays out future scenarios for law firms. Tomorrowland does not presume to “predict” the future, but rather lays out the contours and explores the implications of a number of possible futures for the legal industry, which range from “nothing changes” to various profound dislocations. Among the possible impending disruptors analyzed by MacEwen include the Big Four accounting firms grabbing market share from Biglaw. (This trend is already well underway abroad.)
Tomorrowland cites some telling comparative numbers:
- In 2016, the combined revenue of the Am Law 200 firms was approximately $100 billion, while that of the Big Four was $150 billion.
- Total headcount: roughly 250,000 for the Am Law 200 vs. 820,000 for the Big Four.
- Approximate number of U.S. law school grads who went to work for a Big Four in 2016: 8%.
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How long will that final stat remain in the single digits?
Brian Dalton is the director of research for Breaking Media. Feel free to email him with any questions or comments.