Full Description
Good governance has become a critical condition for law firms of all sizes to meet the new, fast-moving opportunities of fast-changing markets for legal services — much more than just having a good partnership agreement.
Our multidisciplinary team of contributors demonstrate how governance has become a unifying and integrating system for a wide range of critical strategic and business issues. The inquiry starts with an overview of modern governance structures in law firms, and how the concept of governance has expanded to include features such as professional managers and partner remuneration systems.
To be effective, a law firm's governance system must facilitate, not complicate, the solution of important internal challenges, such as change management, managing partner performance and succession planning. How can good governance help law firm owners to make better decisions? How can governance incorporate management information and concepts of risk management into the decision-making process?
With new insights and substantially updated guidance derived from the recent developments and disruptions of the past ten years, this Second Edition, published in association with the International Bar Association, concludes with an examination of emerging trends that will shape law firm governance in the future. It provides visionary, but entirely realistic, insights into how law firm governance will need to continue to adapt to new regulatory regimes for the legal profession, stress testing concepts and new alternative business structures.
Contents
Introduction 5
Norman K Clark
Walker Clark LLC
Part I. Building an effective structure
Strategy drives governance 9
Leopoldo Hernández Romano
KermaPartners
Rocío Vázquez Zavala
Modum
Fundamental elements of modern governance in law firms 19
Norman K Clark
Walker Clark LLC
Governance as an organising framework for managing the practice and the business 37
Tony Williams
Jomati Consultants LLP
Governance and structure: supporting the long-term success of a partnership 49
Michael Roch
MHPR Advisors
Five keystones for efficient business support operations for your law firm 69
Iryna Nikitina
IOCONS LLC
Part II. Challenges for law firm governance
Leaders' insights on law firm governance 99
Norman K Clark
Walker Clark LLC
Effective decision making in law firms 107
Sarah Martin
Martin & Levin; University of Oxford Saïd Business School; Meyler Campbell
Good governance and partner performance 127
Lisa M Walker Johnson
Walker Clark LLC
Riding the compensation tiger 167
Norman K Clark
Walker Clark LLC
Partner compensation and partnership structure 179
Martín Carrizosa
Lawyer
Partner appraisals: what does the managing partner need to know about partners' performance? 185
Aku Sorainen
SORAINEN
Governing risk 197
Norman K Clark
Walker Clark LLC
Succession, retirement and beyond 209
Lisa M Walker Johnson
Walker Clark LLC
Part III. Governance tomorrow
Governance for lawyers in a new era - 'alternative' law firms 233
Stephen Revell
Making Change Happen
Leading change 267
Lisa M Walker Johnson
Walker Clark LLC
About the authors 311
About Globe Law and Business 315
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