The confluence of industry-wide change and demographic transition begs the question: Who will be the owners of law firms of the future? Not only will the composition of firm partnerships differ in terms of size and demographics, these law firms will be competing in an unprecedented environment requiring a different ownership skill set than the one which worked for firms 20-30 years prior.
As most managing partners will attest, lateral hiring presents both opportunities – and risks.
In nearly every law firm, the partners are responsible for generating and managing the firm’s clients.
Differences between generations are an age-old problem, and certainly one that law firms have struggled with for decades.
Law firms today are under pressure to grow and evolve, through mergers, organic growth, and in response to client demands.