Law firm leadership has plenty to keep them up at night: technology gobbling up the bottom of the leverage pyramid, flat market demand, tectonic cultural shifts, ever-expanding skill set demands and more. Traditionally, I’ve found that developing new business and generating client loyalty is top-of-mind in strategy sessions, but more and more I am hearing that there is a new specter that looms largest for many and in particular the “elites”: the gain/loss of major rainmakers.
In an article posted on August 15th, we discussed the newly aggressive capillary action that is destabilizing the legal market and changing the way that the business of law is conducted. As a result of this, many leaders are no longer focused just on business development but are also trying to figure out how to continue making money and structure their firms in a way that allows them to spend the requisite money to pay top talent.
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