Future law firm management model

When discussing the management of a law firm most partners seems to believe that the management of a law firm is so totally different from all other kinds of businesses. Is this really the case? An article in Washington Post recently discusses whether it is not time for law firm leaders to rethink this, and start focusing on leadership and act as a normal business:

"For reasons of tradition and credibility, law firms are run by lawyers, despite the fact that lawyers are not trained in business and management. To be successful, law firms must create executive teams that include business-savvy non-lawyers. They have to think more strategically about the broader economic climate, industry trends, client needs and internal policies."

Soon there might be a new legal landscape, at least in the UK, with non-lawyers investing in law firms, see further information about this new "Tesco law".

There is a lot of discussion of the future of legal services based on more focus on branding, standardization, use of technology to better serve the clients and the battle of the best talents. See for example this short interview with Allen & Overy senior partner David Morley.

The difficult part is to really change the way law firms work and is managed. Consider if the management foundation that has built the basis of success for Goldman Sachs would be applied on a law firm. This could mean a big change for how a law firm is run. So far, law firm seems to act more or less in the opposite of these ideas according to a blogpost on WiredGC. But what would happen if a law firm would be managed in the same way as Goldman Sachs? How would this change the legal marketplace?

 

 

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