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The boomer generation — 75 million Americans born between 1946 and 1964 — and a tiny cadre of over-70s Silent Generation lawyers currently make up just under half of partners at Am Law 200 firms. As partners with the greatest seniority, they constitute a majority in the equity and management ranks, and control an outsize share of client relationships. The impacts of retirement are amplified because a long surge in hiring and promotion that began when boomers entered law firms has halted since the financial crisis.
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Although a handful of law firms has hired non-lawyer sales teams, most still rely upon individual attorneys or practice groups to generate new client matters (i.e., to sell) even though the majority of them have never received business development skills training. This article describes some of the important characteristics and habits shared by attorneys who have built successful practices.
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Law firm leadership is at a proverbial fork in the road. The people running law firms can continue to do business as usual, or they can lead their firms toward a model of business that reflects the new and still evolving client expectations and market demands.
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<b><i>Optimal Insights Through Inter-Departmental Initiatives</b></i><p><p>As dizzying amounts of resources and the need for the timeliest insights grow, the conduit and collaboration between business development and an organization's information management department, especially, becomes more critical than ever.
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By guiding your colleagues and lawyers to focus on the business consequences of timely legal issues, you introduce them to reporters as sources whose opinions and predictions will be quoted in these look-back and look-ahead review stories that executives and prospective clients will be reading to gear up for the new year.
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A law firm executive's ability to lead lawyers' potential for greatness can be evaluated using a model that is similar to baseball. The term “five-tool player” is used to describe a player who has an array of skills across a broad spectrum.
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With associate compensation dominating the headlines over the past several months, partner compensation has managed to slip under the radar. This isn't particularly surprising, however, given how uncomfortable discussions regarding partner pay can be for lawyers and their firms.Despite the tendency to delay or even avoid such conversations, partnership compensation remains one of the most scrutinized decisions in a law practice.
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As more and more millennials enter the workforce, generational clashes will continue. What can be done to bridge the gap and why should you care?
Features
In the face of a glaring pay gap between male and female law firm partners, some firm leaders point to the emphasis on origination credit (bringing in new business) as the key culprit. But moving away from such a model may not be so easy.
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“They don't want to work!” It's an all-too-familiar refrain uttered about associates of the millennial generation. As more and more millennials enter the workforce these generational clashes will continue. What can be done to bridge the gap and why should you care?
