Retirement Equity – Succession and Ownership In Law Firms
In the last thirty years, many firms have substantially grown or developed on the back of the efforts of one or more highly driven entrepreneurial partners, some of whom are now approaching retirement. These partners have enjoyed income rewards but it is understandably hard for them to contemplate having to hand over their firm as […]
Business planning for practice groups and individuals
Surveys and studies show a link between planning and performance: even brief, informal and straightforward business plans help firms perform at a higher level than those that make no plans. To reap the full benefit that business plans can deliver, follow these guidelines for the preparation and implementation of law firm, practice group, and individual […]
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 […]
Criteria And Guidelines For The Promotion And Admission Of Equity Partners
This White Paper suggests some essential steps which law firms should take to establish promotion criteria to equity partnership/membership and suggests a framework for promotions.
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 […]