The Cravath system of law firm hiring and promotion may be on its way out!

Here's an interesting story from today's NYTimes about new ways law firms are structuring their hiring and promotion plans. The Cravath system instituted at the turn of the twentieth century seems to be headed for extinction.


http://www.nytimes.com/2010/04/01/business/01LEGAL.html?tntemail0=y&emc=tnt&pagewanted=all

It's of some serious concern that because of the economy, law firms are now beginning to hire two or three tiers of new lawyers--some obviously (as George Orwell would say) more equal than others. 

But, we should also consider this: how often does a business model, like the Cravath system, last nearly 100 years?