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.
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.
Certainly over recent years there has been a strong focus in all types of organizations, law firms included, in developing and then harnessing the power of a shared purpose.
