There may never have been a more challenging time to be a managing partner of a law firm than at the present time.
Think about it. During the last few months, the economic landscape has changed dramatically. The financial picture for many law firms, especially those firms having a transactional practice, is different from a year ago. The fallout from the recession that firm leaders have to deal with is severe. The economic euphoria resulting from client demands has been replaced by concerns resulting from a contraction of new transactional business from existing and potential clients. Client billings are off, cash flow has slowed and profits are down. The steady stream of premium fees from mergers and acquisitions and other profitable transactional deals fueling the expansion has dried up. In many firms, partner compensation has been relatively flat. The extra distributions that partners were accustomed to receiving in the last few years have not been made this year.
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