Market domination
BigLaw firms in the United States make a lot of revenue and dominate the legal market mainly due to their ability to handle big, complex cases for large companies and wealthy clients. They charge high fees for their services because they offer specialized expertise, vast resources, and a high level of service. The total revenue of leading law firms in the United States topped 130 billion U.S. dollars at the last count. These firms often represent clients in major deals, high-stakes litigation, and significant regulatory matters, which come with substantial legal fees. Their reputation and track record attract more clients, creating a cycle of continued success and influence. Additionally, they benefit from economies of scale, allowing them to operate efficiently and invest in top talent and advanced technologies, further cementing their market dominance. For instance, when the technology competence of lawyers was low, the speed of resolution for legal issues was significantly slower.Attorneys and efficiency
With almost unrivaled resources in the legal world in the United States, BigLaw firms often have access to the latest technological advancements and, as a result, become more efficient and stable. When this is combined with workforces that are often in the thousands, these factors combine to create a highly efficient machine capable of handling complex legal matters swiftly and effectively. For example, the number of lawyers of working at Kirkland & Ellis totaled over 3,400 at their last count, with the firm also generating a gross revenue that has remained as one of the highest worldwide.With widespread artificial intelligence (AI) use on the horizon with many BigLaw firms, it looks likely that their market dominance will continue. The attitudes of lawyers towards the benefits of AI usage in their legal work has been largely positive, so the almost inevitable dominance of this technology will benefit those with the most resources the most swiftly.