Control or Consensus?
Every law firm starts life with a flurry of entrepreneurial adolescence and adulthood, the unmet demands of strategic and managerial decision making can cause the firm to plateau or even regress. Identifying the four phases of law firm development can be the key both to avoiding premature stagnation and to progressing toward institutional status. I […]
Partner Roles and Responsibilities
This posting sets out to introduce some suggested methodologies for a firm to follow in order first to clarify what the firm expects of its partners and then to define what roles and responsibilities it needs them to perform. Partners equally need to be clear how they are to discharge their various roles as owners, […]
Equity Points for Top Performers
In this article Nick suggests 20 objectives for Equity Structures in law firms.
A Global Survey of Large Law Firm Compensation Practices
Global law firms may be more aligned than ever. As lockstep fades and subjectivity rises, partner compensation systems around the world are converging—while cultural nuances, like bonus practices and pay spreads, still tell a different story.
Governance in the Growing Partnership
Governance structures in law firms are often outdated and ill-suited for further growth. Transition points are critical as properly constructed governance andmanagement can support the overall objectives of the firm. Good governance structures strike a balance with the firm’s strategy; corporate models offer some ideas for alternatives to the classic ‘partnership systems’. While every structural […]
Managing Financial Performance in Law Firms
Many partners are as uninterested in the day-to-day management of their firm as they are unwilling to be managed by others. While this in turn creates a gap between the managers and those being managed,it is generally true that the more successful a firm is, the narrower the gap has become. It has been wisely […]
Valuing and Judging Partners — Beyond the Elephant Test!
In recent times, these somewhat informal judgments have become more formalized as they often establish the basis for partner recruitment, promotion and reward. After all, there ought to be a better way of identifying the ideal partner beyond the “ELEPHANT TEST” — a creature which is hard to describe, but instantly recognizable when spotted. But, […]