The backbone of every law firm is its governance structure. The relationship among partners, the manner in which partners are made and the conditions under which they are removed, the sub-organizations through which the firm operates, and the process through which a firm develops and maintains its intellectual capital, all make up the governance of a law firm. The list of governance areas in which we have consulted is as varied as the law firms we serve, but typical areas we work in include:
As we work around the world, among the most common question we are asked is how a firm can deal with its underproductive partners. We have worked with firms on five continents to resolve this issue in ways that are fair to the firm and the individual partners.
A driving issue in many firms is the fairness of the partner compensation system. We have worked with systems ranging from pure lockstep compensation, in which only seniority governs compensation, to complete meritocracies where partners divide profits through elaborate formulas. We understand that compensation is both reflective and determinate of a firm’s culture and its importance to the firm’s success.
The key to any aspect of law firm management is how initiatives are implemented. The management of a firm, together with the action force on any activity is usually at the level closest to the day-to-day practice of law, typically the practice group. We have worked with firms in designing practice groups, training and coaching practice group leaders, and teaching members to gain the greatest benefit from a practice group.
The greatest challenge for many firms is a leadership vacuum when the firm’s current management retires or steps down. Edge International has worked with firms in identifying future leaders and setting up succession plans that assure their training and experience.
The assets of a firm go far beyond its physical facilities and technology. The experience, know-how and intellect that firms bring to client’s business issues are their greatest points of differentiation and value. We have worked with firms in evaluating and creating the means of maintaining and accessing their knowledge base.
While not a law firm’s only objective, creating a profit through which partners earn their living is the primary purpose of most law firms. Through detailed financial reviews, we are able to identify areas where firms can capitalize on opportunities to increase profitability through a variety of financial strategies.
A web-based survey designed to measure nine predictive factors of profitability. Click here for details.