THE LAW FIRM PARADIGM: RELEVANT OR RELIC?

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The current state of the major American law firm and the impact of the focus on "profits per partner" (PPP) on law firm culture and collegiality is addressed in this article written by Timothy J. Waters, senior counsel with the law firm of McDermott Will & Emery. Tim is based in the Firm’s Washington, D.C. office. Tim served as Managing Partner of McDermott’s Washington office for over a decade. In his 25 years with McDermott, Tim served on the Firm’s Management Committee, Executive Committee and Compensation Committee. He also served in various other management roles for the firm. In this article, Tim addresses (i) associate recruiting and turnover; (ii) lateral acquisitions; (iii) the inherent conflict between revenue sources for firms (hours and rates) and cost effective and efficient services for clients; and (iv) the effect of the competition for hours and clients among partners on collaboration and collegiality.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Jon W. van Horne, Law Office of Jon W. van Horne, Esq. | Attorney Advertising

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