The legal market is changing. Will your firm thrive? Or die?

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"Big Law is not dead," says Greenberg Traurig's CEO Richard Rosenbaum. The firms will flourish are those that "figure out how to be nimble and change--and continue to be able to do that--and are hungry, have elite quality, and deliver extraordinary value."

Most firms, however, aren't changing fast enough. Instead of building a record of value to attract and keep corporate clients, firms resting on their pedigrees. "Old, traditional, elite firms are under the most pressure," Rosenbaum says, because it's harder for them react quickly to the new demands of general counsel for cost-effective representation and because of the emergence of alternative legal service providers.