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The Relationship Between Leadership and Management in More Successful Law Firms
Financial stability within a law firm practice does not guarantee harmony within the partnership itself — far from it. Law firm management that does not acknowledge or reflect the importance of firm leadership and the contributions and needs of its members endangers a firm's cohesiveness and its very existence, no matter how many clients come through the front door.
By examining the lack of leadership in a hypothetical mid-size law firm, Baxter, Rice & Stern, some changes and solutions could suggest themselves to firms that may not know they have problems or wish to avoid certain problems.
Exercising Leadership
Hypothetical firm; real problems. Baxter, Rice & Stern is at a crossroads. It is no longer the firm founded 18 years ago by three partners, Ed, Tom and George, who left a larger firm because of their dissatisfaction with a big-firm setting.
Today, their own firm is run by a management committee comprised of the three senior (and founding) partners. The committee determines policy, makes major decisions affecting the firm, and sets partner compensation. Partner meetings are held monthly. The firm agenda and summaries of financial reports are distributed to partners at the meetings.
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