5th largest law firm in Canada, Heenan Blaikie close down – a sign of the times
Heenan Blaikie, 5th largest law firm in Canada (534 +/- employees) are closing down following weeks of rumours, and many significant exits by senior lawyers recently.
“I am deeply saddened to learn that the partners of Heenan Blaikie have decided to dissolve the firm. I am particularly distressed by the fact that hundreds of lawyers and members of the Heenan Blaikie staff, who have together provided the highest quality of legal services to their clients, will have their lives disrupted,” the email said.
Support staff at the Montreal offices of Heenan Blaikie were asked to clear out their desks on Tuesday
This maybe a prescient sign of the times and directly connected to my earlier post about Gen Y. My theory .. the Gen Y cohort have been making their way through university, and at double the size of the Gen X cohort, this is probably paralleled in law schools. Too many lawyers equals increased competition and reduced fees driven by competition.
More from the CBC article.
A few weeks ago, firm management warned partners that income per partner had dropped about 10 to 15 per cent and said major restructuring was inevitable.
The law firm is believed to have been hurt by a decrease in mergers and acquisitions in Canada, but also by a change in the climate for large law firms, which are losing out to more nimble boutique operations.