It depends on what you mean by "the era."
Biglaw will remain just because as long as this country exists, lawyers will be needed; to the extent that this country exists as a capitalist society, lawyers will be greatly needed.
However, I submit that what this financial crisis has shown us is:
(i) Biglaw is not impervious to economic woes as we all assumed it was as little as 2 years ago
(ii) Biglaw must really sit back and take a long, hard look at the way we do business
Extravagant summer programs, car service home every night, free dinners, $160k starting salaries for people we effectively selected after their first year of law school...
All of these things are contributing factors. Whatever "the era" is from here out on I think it has to be different b/c now the mortality of Biglaw has been exposed. We know Biglaw can be hurt, even killed. So we have to be cognizant of the contributing factors to that mortality and conduct ourselves accordingly.