The next few months sees opportunities for Leaders in the Legal Profession to learn more about not only the published – but the unpublished – information about Leadership in Law firms, through a variety of conferences and seminars. The research was undertaken 6 months ago but with continuing amendments and up-dates from and with the contributing Managing Partners.Each week there are details of yet another firm who has decided to take plan to take advantage of the changes driven by the LSA to incorporate: the question is: is there a common denominator as to why they have chosen this path? Sizes of firm ranges from small with under 5 partners through to some with over 100 staff and 15 + partners; what is most interesting are the reasons given to their staff and salaried partners – their inheritors.
Of course any change to the overall structure of the firm will impact hugely on the career paths and opportunities for all lawyers and through whichever route they are coming (law school/ college or ILEX) and this will then impact on remuneration. Yesterday when a firm with @100 staff and 5 equity partners, the MP was clear performance related profit share was out of the question: ‘we are a partnership and I don’t want to be checking and chasing my fellow partners to work out how to divvy up our portion of the pot’. Other firms are battling to hold onto their great, younger partners who are working hard and see older plateau equity partners taking out more than they put in: and are leaving for more fruitful pastures.
Leadership in Law firms is a book full of the pros and cons for each structure as viewed by your peers in the profession and makes good and easy reading. Buy your copy now at a special Autographed Author’s Discount of £85 per copy – plus £3 p+p to ensure that the decisions you make are based on good information – not some whim or because your competitor is doing it.