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Despite proclamations of doom for the lockstep model and the growing consensus that money is king, partners seem to place compensation quite low on their priority list when deciding where to go when making a lateral move, according to Major, Lindsey & Africa’s lateral partner survey.
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By J. Mark Santiago
Firms with aging managing partners should develop a succession plan for transferring clients and management responsibilities (over a five-to-ten-year transition period) to the firm’s younger attorneys.
By Sharon Meit Abrahams
Training new partners helps them develop the necessary skills to become successful attorneys and eventually leaders in their firms. This investment demonstrates the commitment the firm has to the young partner which will reduce attrition and enhance engagement.
By Jennifer Sherman
Clear billing guidelines are essential for effectively managing client relationships and preventing costly and time-consuming billing disputes. Well-defined billing standards set expectations upfront, ensure consistent application of rates and procedures and provide transparency around what work will be performed and how it will be billed.
By Philip Iovieno
There are two major factors motivating firms to move in the direction of more risk sharing and more contingency work. The first is client-driven, the second is basic law firm economics.