After spending vast sums to build and buy stables of thoroughbreds and extend their geographic reach and practice breadth, today’s law firms have come to a sobering conclusion: Accumulating stars is no longer enough. All that talent cannot be harnessed for competitive advantage or profit growth unless they find a way to get partners to collaborate. Specifically, lawyers with highly specialized expertise must work across silos to tackle clients’ most sophisticated problems.
When firms get collaboration right—that is, when they do complex work for clients that spans practices and offices within the firm—they earn higher margins, inspire greater client loyalty, gain access to more lucrative clients, and attract more cutting-edge work. Sharing work actually boosts the practices of individual partners, too—even rainmakers.
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