1. No need for the / after the .
  2. You forgot to put a \ in front of *
    If you don't put it there your find will fail as soon as you have *.txt files in the current directory because the shell will replace "*.txt" by a list of those files.
So: 
perl -pi -w -e 's/find/replace/g' `find . -name \*.txt`

[download]
OTOH: I prefer to use xargs for situations like this, just because the command line usually has limits. 
find . -name \*.txt -print0 | xargs -0 perl -pi -w -e 's/find/replace/
+g'

[download]
$\=~s;s*.*;q^|D9JYJ^^qq^\//\\\///^;ex;print

In reply to Re^2: One-line shell script for find and replace by Skeeve
in thread One-line shell script for find and replace by pkk

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