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Managing partners and members of executive committees in the more successful law firms that are organized into substantive departments and/or practice groups strongly support the concept of having Practice Group Leaders (PGLs) assume a major role in their firms’ efforts to: 1) insure partner coordination, control and accountability over fields of law, areas of practice and client matters to provide high quality legal services to clients in a timely manner at fees that are fair to the clients and their firms; 2) increase the productivity levels of all timekeepers within their practice groups; 3) increase the economic contribution of their practice groups to the firm to enhance revenue and profitability; and 4) assume primary responsibility for communications to and from members of their practices about firm economics, priorities and business issues, as well as practice growth and client development initiatives.
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Retirement Succession Can Hedge Against Lateral Partner Acquisition Risks
By David Wood
While growing by acquiring lateral partners and practice groups can be lucrative, it carries many risks. Lateral candidates’ projections of the revenue they will bring to a new firm can prove inaccurate, or a particular candidate may simply be a bad fit culturally.
The Impact of Gen X and Millennial Law Firm Leaders
By Marci Taylor
Generation X lawyers stand poised to wield considerable influence. Often the unsung heroes in discussions about generational dynamics, Gen X professionals bring a wealth of strengths to law firm leadership. Their pragmatic outlook, honed by navigating shifts in technology and societal changes, positions them as adaptable leaders.
It’s Time for Lawyers to Return to the Office 5 Days a Week
By J. Mark Santiago
It’s time for attorneys to return to the office on a five day a week schedule. There is significant evidence that shows remote learning is not as effective as in-person instruction.
Law Firms Eager to Increase Nonequity Tiers
By Andrew Maloney
Last year saw a ”staggering” jump in the number of law firm leaders who said they wanted to increase their nonequity tier going forward. Now it’s clear many of the biggest Big Law players are following through, with several Am Law 100 firms growing their income partner ranks by double-digit percentages in 2023.
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