(Thanks to Coolhunting)
Flexibility and mobility are two necessary attributes to dealing with markets in flux. As we have seen with the struggles of the behemoth law firms over the last year or so, restructuring is painful, slow and very unwelcome.
Small firms, however, may have the advantage because they can reconfigure themselves with relatively little effort. Dan Harris of China Law Blog directed my attention to an article in the Los Angeles Times "The Big Opportunities in the Legal Profession Are at Small Firms".
Lawyers have been able to reinvent themselves in imaginative ways. Divorce lawyers transform into bankruptcy lawyers. It seems that younger lawyers are finding small firms attractive after Big Law.
Niche areas of law are ripe for development and boutiques--whether traditional law firms or alternative business structures--are ideal candidates for delivering services to clients quickly and personally and much cheaper than the large law firms. Even the ABA has begun offering advice tailored to small practices.
As I said in the post below, "Let a thousand flowers bloom!"
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