Law Firm Partners

If you are a partner considering a lateral move, then you are probably focused on the boost a new firm could offer your practice, and on cultural fit. However, the authors' review of the 2,353 partners who moved between Am Law 100 firms in 2010 through 2012 suggests that some more prosaic factors matter too.

Part Two of a Two-Part Article

Last month, the author discussed the fact that even though managing partners recognize the importance of developing and implementing sound principles of practice management, the extent to which the concept is successfully implemented varies greatly from firm to firm. He concludes his discussion herein.

In a market where clients are struggling to deliver more legal services for less cost (the challenge), RichardSusskind says a law firm may be tempted to undercut its competition on price in hopes of winning more work. But is it actually happening?

Part One of a Two-Part Article

Managing partners and members of executive committees in the most successful law firms strongly support the concept of having Practice Group Leaders (PGLs) assume a major role in their firms' efforts. Here's why.

Making partner isn't cheap, and the cost is more than just the years of hard work and stress that associates put in as they reach for the brass ring.

Through the process of conducting exit interviews with the good attorneys who have left, along with those the firm has asked to leave, you can gather intel about your firm's culture. The business justification for doing exit interviews is to learn about and improve systematic organizational or interpersonal issues that may be adversely impacting your firm.

Matter profitability matters. Yet most firms struggle to measure it in a manner that is accurate, focused on the levers partners control, and inclines partners to take action. Using margin per-partner-hour (MPH) to measure profitability delivers on these objectives.

Economics tells us an industry that experiences a drop in aggregate demand, adds production capacity, and increases the market overlap among competitors will suffer price erosion and profitability decline. Law firms fit this profile. Yet, in talking with law firm partners, you don't get the sense that any such "disruption" is happening. Perhaps economics has bypassed law?