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Heenan Blaikie’s business is being squeezed from both big rivals and small specialist firms.
Heenan Blaikie’s business is being squeezed from both big rivals and small specialist firms.
(Fred Lum/The Globe and Mail)

Run on the firm may signal Heenan’s demise

Heenan Blaikie LLP’s “major restructuring” may come too late in the day to save the well-known national law firm from dissolution.

That’s what happens in the legal biz when a trickle of key departures from the partnership ranks turns into a flood, as billing prospects dim and fear seeps through the ranks. Throw in a market notably lacking in mergers, financings and other deals that are the lifeblood of every corporate law firm of a certain size and cost structure, and you have a recipe for a meltdown.