Partnership Structures

More Equity Partner Cuts to Come?

The always intrepid Lee Pacchia of Bloomberg Law invited me to come by and talk about the quarterly reports on the State of BigLaw just released by Citi Private Bank and Wells Fargo’s law group. We also got off on the topic of whether lawyers can really be “entrepreneurial,” and what I fear may be
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Articles, Compensation, Finance, Leadership, Partnership Structures, Strategy

A Conversation With Ted Burke

The other week I had the chance to sit down with Ted Burke, outgoing chief executive and global managing partner of Freshfields. I’ve known Ted for years, consider him a friend, and with the announcement a month or so ago that he would be stepping down at Freshfields a year ahead of expiration of his
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Articles, Business Models, Compensation, Cultural Considerations, Finance, Globalization, Leadership, Partnership Structures, Strategy

Checked your demographics lately?

Sometimes large changes break across the landscape like summer afternoon thunderstorms, seemingly coming from nowhere and definitely getting everyone’s attention: And sometimes they steadily and stealthily accumulate over time, perhaps without anyone ever intending to transit from where we were to where, when we look around, we find ourselves today. Today we’re talking about Type
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Articles, Business Models, Finance, Leadership, Partnership Structures, Practice Group Management, Recruiting

Diplomacy and the Partner Pay Conversation

Herewith the next installment in our series of articles on the always charged issue of compensation, from Richard Rapp. Enjoy! Bruce   Like the heads of most law firms, I had no training in management when I became president of a professional service partnership and I did a lot of on-the-job learning during my early
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Articles, Compensation, Cultural Considerations, Leadership, Partnership Structures, Profiles of Individuals

Boutiques

Boutiques are next up in our law firm taxonomy, and first a word about what I mean when I say “Boutiques,” because I may be using it a bit differently than you might assume in common parlance. In my nomenclature for purposes of this taxonomy, boutiques are firms that do one and really only one
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Articles, Business Models, Leadership, Partnership Structures, Practice Group Management, Strategy

Externalities and Partner Pay

Herewith our next in the series by Richard Rapp on partner compensation. As always, your thoughts, observations, and comments are most welcome. If you want to email Richard directly, please do so—Bruce   Economists are interested in “externalities” –effects that are incidental to a transaction that go uncaptured by markets and, typically, that affect others
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Articles, Compensation, Leadership, Partnership Structures, Practice Group Management

Corporate-Centric Firms

Our third installment in the “Law Firm Taxonomy” series addresses corporate-centric firms. With malice towards none and candor towards all, I must confess that I find this species the most problematic of all seven in our taxonomy. I’ll explain why in a moment, but first let me, following Linneaus, simply describe these firms. By and
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Articles, Business Models, Leadership, Partnership Structures, Strategy

A law firm taxonomy: Introduction

We humans like to put things in categories. And while we can get it plain wrong, or mix up two categories benignly or malignly, there’s no question our propensity for categorization—from friend or foe and food to poison, to Linnaeus, to the periodic table, to the Dewey decimal system—has gotten us a long way on
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Articles, Branding, Business Models, Finance, Globalization, Leadership, Partnership Structures, Practice Group Management, Strategy

Strategy & Partner Pay

Herewith the second article by Richard Rapp. Thanks, Richard!—Bruce.   Law firm managers who are planning large-scale, hubristic expansion-by-acquisition should study the Dewey LeBoeuf morality play very closely. The rest of us should not. It’s a distraction that diverts attention from what matters closer to home. Permit me to analogize: Those of us who are
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Articles, Compensation, Leadership, Partnership Structures, Practice Group Management, Strategy

Richard Rapp Joins Adam Smith, Esq.

It is with great personal and professional pleasure that we announce Richard Rapp is joining Adam Smith, Esq. as Senior Advisor. Those of you who have learned even a little about the consulting side of Adam Smith, Esq. know that we have remained small by choice, reflecting our conviction that the most challenging and sophisticated
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