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The Law Firm of the Future

Adapting to a Changed Legal Marketplace

John M. Westcott

During the “golden age of law firm growth” from the late 1960s until 2007, most large law firms adopted a default growth strategy, increasing practice areas and offices, aided by the momentum of the tail winds of law firm growth. Since the recession of 2008-2009, however, the legal marketplace has drastically changed. In this timely book, Jay Westcott suggests strategic building blocks that firms can adopt in order to adapt themselves to this radical change and prosper as lasting institutions.
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Chapter 3: The key building blocks of a lasting and successful law firm

John M. Westcott

Extract

There are some key strategic building blocks that every law firm should have in place that I elaborate on in the subsequent chapters: 1. Firm Governance (Chapter 4) 2. Client Service (Chapter 5) 3. Assessing Firm Performance (Chapter 6) 4. Evaluating Lawyers (Chapter 7) 5. Fair Compensation (Chapter 8) 6. Strong Administrative Staff (Chapter 9) 7. Treating Everyone Professionally (Chapter 10) 8. Balancing Professionalism and Quality of Life (Chapter 11) 9. Succession Planning (Chapter 12) 10. Retirement Policies (Chapter 13) Through logically and objectively setting the correct strategy, every firm should build an attractive and profitable culture. By concentrating on building a lasting institution, firms must plan for the future rather than have the firm serve each partner’s personal interests.

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