Ask senior figures in the profession what has materially changed in the legal industry over the last decade and answers will likely include musings on technology, innovation and, for more pragmatic souls, the growth of American law firms in Europe.
Such woolly answers speak to the reality that the law looks much like it did ten years ago. What will not be mentioned, however, is what is rapidly emerging as a force with the potential to profoundly reshape the industry: the dawn of proactive regulation of major law firms.
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