Law firms tend to focus on and manage themselves based on precedent…
Almost uniformly law firms highlight the most demanding and complex (and high fee generating) work they undertake.
In our recent work with firms we have reached the following conclusions (among others) about compensation.
Unquestionably there are successful law firm mergers, some hugely so – perhaps most notably the strategically sound international ones that have created the grouping of highly profitable leading global firms that are increasingly winning a larger share of the highest value work.
Differences between generations are an age-old problem, and certainly one that law firms have struggled with for decades.