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.
Given the crucial role the law firm governing board plays in shaping a firm’s future, the time has never been better for firms to test whether their board is functioning at an appropriately high level.
As we head into the second half of the year, economic headwinds appear to be getting stronger. Demand through Q2, particularly for corporate work, is down, albeit only modestly. Citibank’s mid-year report indicates a 0.6% average decline in demand. Expenses are on the rise, due to higher attorney headcounts and the gradual shift towards a return to office. We have written before about managing through headwinds, along with the lessons learned from previous downturns, and it is time to revisit that topic.
Fairfax Insights are distributed monthly by email.
