This is only part of the story and, sadly, misses the global aspect. Change is happening in the legal market across the globe but in particular in the major English-speaking nations. This story could have been as much about London and the UK as the US. [Australia is immune for now, thanks to their commodity economy]
The tough news is the ongoing legal fee pressure due to the economy and a more informed/aware buyer population. The other element is just the change in how law can be delivered. The legal market has been innovating in the last 5+ years in a way that has never happened before. As ever, the larger law firms – like the larger corporates – have been caught napping. Well, napping with blindfolds and earplugs. It is not too late to change the firms, but the market has changed forever.
See the full article on http://dealbook.nytimes.com/2013/06/24/big-law-firm-to-cut-lawyers-and-some-partner-pay/?_r=1&