There was a time when law firms nearly ran themselves. A generation ago, a firm’s business plan—if it existed—wasn’t much more complicated than keeping the lights on. They had loyal partners who never gave a thought to leaving for the firm down the street. Under such conditions, the title of managing partner was more honorific than anything. The idea of giving special attention to how the managing partner was compensated would have seemed curious.
Today’s law firms are multimillion- or billion-dollar businesses. Managing partners face challenges including the lingering effects of the Great Recession, diminished client loyalty, increased price pressure, greater client access to information about competitors, more lateral movement and an outdated business model.
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