The role of every managing partner changes as his firm grows and evolves, but his focus is always on building a sustainable enterprise - except when the firm's future clearly becomes unsustainable. The notion of a firm's failure can be so disturbing that it escapes planning until the 11th hour.As is the case with all unanticipated events, though, the conflicting interests that arise in a firm's failure are best managed with careful forethought.In every firm failure there is a window - sometimes called the 'death spiral' - between the moment when a law firm leader realises that the firm will likely not survive and the moment the firm votes to dissolve.
March 04, 2009 at 08:08 PM
1 minute read
The original version of this story was published on Legalweek
The dissolution of a law firm causes its leaders to be pulled in conflicting directions. Peter Zeughauser reports on the main responsibilities of a managing partner in a downturn
The role of every managing partner changes as his firm grows and evolves, but his focus is always on building a sustainable enterprise – except when the firm’s future clearly becomes unsustainable. The notion of a firm’s failure can be so disturbing that it escapes planning until the 11th hour.
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