Prerequisites: None

Exam Type: No Exam

On the surface, the basic model of the large law firm has remained remarkably stable since Paul Cravath and a handful of other pioneers laid out the blueprint at the turn of the twentieth century. But beneath this calm exterior, the “Cravath System” – hiring lawyers straight out of law school, putting them through a rigorous 6-10 year apprenticeship, promoting the best to partnership, and expecting them to stay for their entire careers while those who didn’t make the cut are asked to leave, lock-step renumeration, billing by the hour, and stable client relationships – has been under stress for over 40 years.

Since 2020, these pressures have skyrocketed. Law firms are now tackling increasingly complex problems for sophisticated clients with large internal legal teams, all in a fiercely competitive environment with multiple providers vying for clients and talent. Add to this mix a set of potentially revolutionary technologies, and the most significant generational transition in recent history, and the challenges facing the “neo-Cravathist” model that most law firms still follow today have never been greater.

And yet, notwithstanding these challenges, top law firms – and their partners – have never been more profitable, not just in the United States but in virtually every established and emerging financial center worldwide.

In this reading group, we will dive into these forces of disruption and continuity and examine the possible futures of large law firms and the corporate legal market generally. To help us examine these issues, we will be joined by guests from across the Big Law ecosystem, including general counsels, alternative service providers, tech entrepreneurs, consultants, and recruiters, as well as experts from law-adjacent fields like venture capital, change management, organizational design, and psychology.

Note: This reading group will meet over two weeks on the following dates: February 23-25 and March 30-April 1, 2026.