Congratulations. You’ve been named the newest leader of your law firm. Many of your predecessors have been in the role for a decade or more, managing the firm through one of the most transformative periods for the legal industry. But fear not. There is still plenty of room for you to make your mark. But, in case the guy stepping down didn’t mention it, there could be a few challenges ahead.
There are a number of theories out there as to what is behind the spate of law firm leadership changes in the past few weeks, which included changes at the top from K&L Gates to Akerman to McDermott Will & Emery, among several others. Those theories range from the simple math that the former leaders reached retirement age and stepped down, to a more cynical view that leaders did all they could and wanted to hang up their cleats before things got even tougher. Then there’s an idea somewhere in between—that law firms are entering a new era and need a fresh perspective to navigate a market that looks quite different than it did 10 or even five years ago.
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