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The Julia clip just made my day! Great movie, btw. I loved it. Ms. Child is def one of my all time heros.
Great perspective. I think it's also an easy extrapolation to other professional services firms as well. Industries like Professional Consulting, Public Relations, Audit (although they might last a bit longer since someone has to handle the write-offs), will no doubt experience the exact same dynamic. Based on previous downturns, the world of Independent Professional Services Consulting is about to get much bigger however so clients do have an options - look to the newly "independent" professionals to fill the gap and cut reliance and fees on larger firms.
That again, would be logic over emotion. One would also hope that key people would understand that our drinking buddies don't necessarily make the best Head of FEMA, or National Security Advisers, but that hasn't played out either.