When money is tight and firms have had to make dramatic and drastic changes, the firm’s managing partner or executive committee is obligated to provide more information to partners about the firm, for overseeing and evaluating operations and policy and determining an appropriate course of action to ensure the firm’s viability.
One vehicle for accomplishing these tasks is an item that we often recommend in the course of our work with law firms, namely, the preparation of an annual report that might be considered as “The State of the Firm,” and which should be prepared under the supervision of the managing partner. The report would provide an appraisal of prior years and planning for the coming period. We suggest that this report be distributed to the partners at least two to three weeks before the firm’s annual meeting or retreat. While the preparatory work involved in collecting and presenting the information can be rather time-consuming, the ultimate success of the firm is directly proportional to the amount of time and preparation involved in the identification and resolution of firm problems on an ongoing basis. Without the basic information suggested in this report, the firm’s ability to resolve basic problems will be limited and its future will be in doubt.
This content has been archived.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]
