Time to Update Your Partnership Agreement? A Diagnostic Checklist

As my colleagues and I advise law firms on governance issues, such as managing the growth of the partnership, partner compensation, or capital requirements, we and our clients sometimes discover that it has been many years since the partnership agreement, partnership deed, by-laws, or other corporate...

Business plans for gigantic canoes

For several months now, I and some of my colleagues in the Public and Professional Interest Division of the International Bar Association have been reviewing the business plans of the PPID committees and other entities. These groups range from very small task forces and working groups of fewer than...

Life after managing partner

The Lawyer reported this morning that Mark Walker, until recently the managing partner of Cleary Gottlieb in New York, has moved to Paris and into the world of finance as a senior advisor to the global sovereign advisory group at Lazard. One of the subtle flaws in many law firm governance schemes...

Leadership: actions and words

In September and October 2011, our firm conducted a worldwide survey about law firm leadership, as part of our ongoing support of the Law Firm Management Committee of the International Bar Association . 374 lawyers participated, more than half of whom are or have been managing partners of law firms...

The challenges of change in managing lawyer careers

Our firm is currently advising several law firms about improvements to their career management policies and procedures. In some legal markets this has become a very important strategic issue - not just one of internal human resources management. In order to make the improvements that are necessary...

Market leaders lead the market

When a group of law firm partners discusses significant changes in their respective firms, one of them will almost certainly say: "But no other firm in our market does this..." We have three responses that we ask our clients to consider: First, are you sure? We have frequently discovered...