What law partners and Managing Partners of law firms forget about some times is that a law firm is a business. It is a business like any other business, it’s no different than an accounting firm or an electrical contracting firm or any other business that provides professional services. Like any other business, law firms need a business leader to run the business and usually that person is called the Managing Partner.
A good Managing Partner could certainly lead a law firm to more billings, increased profits, and expansion into other areas of practice. A bad Managing Partner can lead a law firm to contract its practice area and even to a firm’s dissolution.