I recently came across this Above the Law post by Michael McDonald about the shrinking legal market.
McDonald points out that there are 35% (3,500) fewer publicly traded companies in the U.S. than there were in 1997. This hurts the legal economy because there are fewer potential clients.
All but the mega-firms suffer:
The result is that it’s probably harder today to be a mid-sized or moderately large law firm than it used to be. And that trend is unlikely to reverse. Given that trend, it’s also likely that the legal industry will become more bifurcated over time – a hundred or so very large law firms and many small law firms, with few midsized firms in the middle. That structure has important implications for the profitability of a legal career in the future.
I strongly suspect that this trend has hurt Mississippi law firms. It’s yet another factor (of many) that makes it increasingly difficult to sustain a law firm in the state.