It seems like the “once upon a time” of fable, but it was not so long ago that we reveled in the 2000-2007 “golden age” of the legal profession. Everyone was joining the party, and the party seemed endless. And if a firm needed some prodding, there were plenty of “experts” around to show them the way.
And what were the rules of the road in those “good old days”?
• Grow, grow, grow because big is best and it’s all about numbers, of course, so don’t get left behind, even if you were not sure why you were growing to begin with. And since you ignored culture as a component, the collaboration and resultant value did not get prioritized, and did not happen.
• Employ fewer equity partners and build, build, build your leverage.
• Show declining loyalty towards practices, lawyers and firms, as well as clients.
• Offer large monetary guarantees to lateral partners in the flashy, high-priced practices, and embark on expensive adventures overseas at the expense of the “lower end” practices and markets that were historically your bread and butter.
• Focus on the new client and partner of the day, and take your old clients and partners for granted because the demand was sure to be endless.
• Get rid of those middle market and smaller clients who were bold enough to actually ask for value.
• Pay those associates and landlords more and more and more, never questioning their true value or who was paying for it, because the ever-increasing billing rates would support these increases forever!
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
