Many law firms eased back on partner promotions last year, but the slowdown was less pronounced in New York—especially in corporate practices.
Related chart: New Partners at the 25 Largest Firms in New York
Henry N. Nassau of Dechert writes: The business of law is changing swiftly, reflecting our world at large. Global markets are in flux, regulatory winds are ever-shifting, and the fundamental calculus of risk and reward gains new variables every day. As companies evolve to keep pace, their general counsel are rightly demanding more and different services from their outside law firms. For these law firms, developing the superpower of collaboration demands a significant shift from a traditional partner-dominated firm culture.
Marc A. Landis and Mark M. Elliott of Phillips Nizer write: Law firm succession planning is neither a comfortable nor an enjoyable topic—but it has never been more necessary. With the continuing retirement of the baby boomers, our profession is undergoing an unprecedented generational transition. Law firms that wish to continue to succeed cannot afford to avoid the topic.
Ed Estrada and Cindy Schmitt Minniti of Reed Smith shares insights and tips for creating a law firm environment that fosters innovation and bringing that innovation into your client relationships.
Barry Wolf of Weil, Gotshal & Manges writes: The financial crisis of 2008 brought about seismic changes in the legal landscape, resulting in a premier legal services market that is smaller and more competitive than ever. As the years have passed, the pressures have only continued to intensify. How can firms respond to this? One answer is to introduce business principles to law firm management.