Further advances in profitability and partner pay will require firms to 1) more broadly implement client and matter profitability as performance management and compensation tools and 2) harness a broader range of profit levers.
Bonuses are a powerful tool for attracting and retaining top partner talent, but they must align with firm priorities
As the legal industry becomes increasingly dynamic and competitive, law firm leaders face unprecedented challenges—and opportunities.
High quality small and midsize firms in key markets are regularly approached regarding combinations with other firms – by both larger and similarly-sized firms. When times are good, these firms are generally not interested in pursuing a discussion. When times get tough, they are more receptive to merger as a solution, but can find that either potential partners are no longer interested, or their negotiating position is substantially weakened.
How law firms can retain partners and build firm interconnectedness