The rise of boutiques has been yet another development shaping the legal industry that no-one predicted. Conventional wisdom for years held that law firms should go global or specialise but that was largely in the context of mid-tier players becoming more tightly defined around a handful of profitable practice areas (which pretty much hasn’t happened either).
What we have seen instead – as we address this month – is a flourishing of highly specialised and lean law firms launched or expanded since the financial crisis reshaped the market. Obviously, much of this is due to the post-
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