In our recent work with firms we have reached the following conclusions (among others) about compensation.
External, independent directors are a prominent aspect of corporate governance.
Law firms today are under pressure to grow and evolve, through mergers, organic growth, and in response to client demands.
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.