Reprinted from Of Counsel August 2009, Volume 28, Number 8, with permission from Aspen Publishers, Inc., Wolters Kluwer Law & Business, New York, NY.
This article addresses several key components behind the grave financial stress that burdens BigLaw firms.
1. The balance sheets of the firms are hollowed out.
2.Limited liability structures erode true partnership.
3.The income statement is difficult to influence.
4.Law firms have lost touch with their fundamental economic relationship with clients.
5.Financial incentives to change the business model are actually disincentives.
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