Before you jump to that exciting new platform, it pays to understand the consequences both at your existing firm, and new one, for leaving.
(Reprinted with the permission of The Daily Journal Corp (2012).)…more
Many large law firms have witnessed significant, repeated short¬falls in real results compared to budgeted net income from 2007 through 2011. During this period, as enterprises, many firms delivered stagnant or reduced income…more
The growth in nonequity partner ranks is a part of a fundamental shift in the leverage model—call it the New Leverage. Reduced reliance on associates is part of it; so is the deequitization trend of recent years—and it's an…more
A presentation of the dynamic as to why a majority of partners can feel compelled to vote for the liquidation of their firm through a merger into a larger one, even when it will cost them their partnership, or even employment,…more
Financial incentives are The Am Law 200's favorite motivational tools, but their value is limited, and they carry risks.
Patrick J. McKenna and Edwin B. Reeser
(Reprinted with permission of The American Lawyer, November 01,…more
A line of cases in California, beginning with Jewel v. Boxer (1984)156 Cal.App.3d 171, requires that attorney fees received on cases in progress (“unfinished business”) by withdrawn partners from a defunct law partnership are to…more
Lawyers and industry consultants have wailed about the confl icting pressures between profits and optimal client service for years. Yet there has been little appreciable influence upon the rush by law firm leadership to adopt…more
The law industry is a huge one, with an estimated $100 billion in annual gross revenue. Firms like Baker & Mackenzie, Skadden, Arps, Slate, Meagher & Flom LLP, and DLA Piper each hover around $2 billion in annual revenue, and…more
Business people, including lawyers, can become enamored of structure when the real issue is operational efficiency and stability, quality of service and “value” delivered to the client. Indeed, sometimes structures that are…more
One of the reasons being trotted out as an explanation
for the current crisis in large law firm
financial condition and performance, and of some
law firm failures, has been “undercapitalization.” If
that were true, then the…more
Manipulation of law firm financial statements using the modified cash basis of accounting is commonplace, indeed standard operating procedure. That doesn't have to be a bad thing, when self discipline and genuine efforts to…more
With the broadly announced emphasis by law firms on lateral hiring of partners, let's take a look at what that means for partners with respect to their capital investment, both upon leaving their old firm and joining their new…more
With the broadly announced emphasis by law firms on lateral hiring of partners, let's take a look at what that means for partners with respect to their capital investment, both upon leaving their old firm and joining their new…more
With the broadly announced emphasis by law firms on lateral hiring of partners, let's take a look at what that means for partners with respect to their capital investment, both upon leaving their old firm and joining their new…more
With the broadly announced emphasis by law firms on lateral hiring of partners, let's take a look at what that means for partners with respect to their capital investment, both upon leaving their old firm and joining their new…more
