The number of non-equity partners in law firms has expanded dramatically. In the US it has more than tripled in the largest firms over the past decade and increases of a similar nature are apparent in other jurisdictions.
In our June Insight, we laid out the business case for innovation. We cited increasing client pressure to rethink operating models, a rise in substitutes for more traditional delivery of legal services, and a strategic opportunity to differentiate.
Succession planning appears to be one area where both law firms and corporations are underperforming.
Until recently, law firms have seen little need to innovate…Of course, those days are long gone, and while most law firms today recognize that it takes more than being a great lawyer to be a market leader, and a follower strategy isn’t necessarily a winning one, only a limited number of firms are seriously innovating.
The American Lawyer list of the 100 highest grossing firms in the U.S. was released a few weeks ago.
