Adapting to a Changed Legal Marketplace
Chapter 4: Effective governance
Law firms have grown very large, and, like large business corporations, need more centralized management to handle the complexity of their size. Governing a large law partnership needs to recognize the difference between a large law firm and other large businesses – the partner, who is both an owner of and participant in the business. Also, law firms need leaders of practice areas, who must set the tone for the practice area as well as being superb administrators. Most practice areas require a mixture of leaders, those who epitomize the practice skills to which others aspire and those with administrative and organizational skills. There is a need for other leaders in other functions, and the large law firm has to reward adequately its leaders internally as well as compensate those who do the legal work and generate clients. Fundamentally, there is a need for strategic planning in most law firms, and a need to present the law firm as distinctive.
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