This article does a fair job at covering some of the changes the industry is going through in recent years.
Burned by the recession, clients are loath to greenlight risky work and bottom-line pressures are driving them to wring costs from their shops. To grow, independents are selling to public holding companies and succumbing to the balance-sheet demands that can dull a free-spirited culture. Often, the result is chasing business they might once have scorned while private.
[…] Fees have gotten smaller and once-huge accounts have become projects doled out to multiple agencies. “Now accounts are half the size they used to be. [Agencies have to] pitch more, because there’s more project work, fewer AOR opportunities and even those are half as much as they used to be.”