Measuring the Unmeasurable
Law firms must seek out more rigorous tools to measure and evaluate each partner’s qualitative contributions.
But We’ve Always Done It This Way …
Every firm likely has a sacred cow or two or three. The challenge, and the opportunity, is to make sure those sacred cows continue to serve the firm well over time.
What is the Meaning of Equity?
Equity in law firms carries many meanings. The key to promoting a sense of fairness in partnership thinking about equity is to better define the expectations of full equity owners, while creating space for those high value partners contributing in more individualized ways.
Planning for the Next Downturn
While the precise timing of a downturn may be impossible to predict, it is important for law firm leaders to prepare well in advance, and that time is now. It is unlikely that the next downturn will be as sharp or as lengthy as the crisis of 2008, but law firms are increasingly sensitive to market forces, so preparation is critical.
Is Law Firm Leadership Too Great a Sacrifice?
The value of strong law firm leadership is at a premium today and while many firms have sought to develop younger partners as leaders, some of these individuals are opting out because law firm leadership appears to be too great a sacrifice. Ensuring that the right partners are serving in the roles and avoiding future leadership gaps will require addressing leadership disincentives today.
