Ask HN: How could a tech company function without management?

I was wondering if it would be possible for a tech company to function without the 1st layer of management. Could the hiring/firing process be handled externally by a 3rd company? Could software replace status reports and time tracking? Could software also make sure that careers are on track and that employees are moving forward towards their goals? Employees problems could be solved at a Sr. management level.

In other words, do we really need that 1st layer of management?