During a period of prosperity, many law firms are financially successful despite the managerial abilities of the partners. However, during a recession, the fact that partners may be high-quality lawyers is not enough. Leadership and sound management practices are required to manage the firm’s resources, ensure adequate cash flow and develop and implement the marketing and planning processes.
Any partnership, no matter the size, needs leadership. Good law firm management cannot be achieved until all the partners agree to subordinate some independence to a managing partner, an executive committee or a management committee. The partners must strike a balance between their rights as owners and their responsibilities as members of the firm. They must relinquish some personal prerogatives to achieve the overall results that they would not be able to attain on their own.
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