We have attempted to explain why professional service firms (PSFs) even in some of the most canonical examples (e.g., law firms) fail to follow the traditional definition. Growth in the size and geographic diversification of law firms has transformed their organizational structures and in some...

In recent years, large US law firms have been undergoing significant changes. Most have switched from a professional model (P2 form) to a corporate business model, employing competitive strategies and a profit orientation. As the market for corporate legal services became more competitive, many...

During the last several decades, the legal profession's definition of a "large" corporate law firm has gradually shifted. The rise of mega-firms, with broad geographic platforms and highly sophisticated, specialized, and profitable practice groups, has been expedited by the steady erosion of the...