Structural Change or Collective Amnesia?

This paper reviews Norman Bacal's "Breakdown: The Inside Story of the Rise and Fall of Heenan Blaikie." It ties Bacal's reflections on the recent downfall of one of Canada's largest and most prestigious law firms to the broader issues affecting the legal profession and its business model. It argues that, while the rising economic tide may have resulted in strong economic performance at Canada's law firms, their fundamental business model remains largely unchanged. It concludes that, as we likely approach the end of a growth cycle, Bacal's book is an untapped source of wisdom and a cautionary tale, for scholars, practitioners, and law students alike. It could help us turn our apparent collective amnesia into genuine innovation, hopefully before it is too late