This is a brilliant piece by Mark Cohen.  Traditional law firm models are starting to see the see the impact of alternative models as well as the continuing growth of in-house teams.  

However, as highlighted in this piece, as much as traditional firms have challenges, so do new legal service providers and in-house teams.  In my view, the answer is collaboration.  Mark mentions the 'two company model' where a traditional law firm has a bundled services agreement with a legal services provider.  We are definitely starting to see this level of collaboration.  Such collaboration might mean traditional law firms engaging or white labelling alternative / NewLaw providers for the secondment offering they provide in-house teams.  It might also mean NewLaw providers offering flexible resourcing solutions for traditional law firms.  

In either case, such collaboration should be high on the agenda for traditional law firms, especially those who work directly with in-house teams.