Odds are that most lawyers will decide to change law firms at least once during their career, and for many, likely more than once. And, of course, all lawyers have at least considered the idea of leaving their firms. However, surprisingly, many who embark upon this major life transition fail to seek legal counsel as
Now that your personal New Year’s resolutions are kaput, February is a good time to consider some resolutions for your law practice that will lead to a happier and healthier law firm. Like most resolutions, these are things that you want to do, and probably know that you should do, but may have been avoiding
The first quarter of every year tends to be a time of change and transition. Law firms are not immune from that phenomenon. For a variety of reasons, partner departures happen more often in the first quarter. For those planning to depart, this often occurs once they are paid bonuses and true-ups from prior year’s
The law firm lateral partner data suggests that most lateral partners do not meet revenue expectations at their new firms in their first year. This is bad news for the partners, whose compensation may be based on those expectations, and may be reset according to reality. This is also bad news for law firms bringing
In any law practice today, it is critically important to respond to partner departures in the right way. It is equally important to anticipate and manage partner departures proactively. From most firms’ perspectives, the partnership agreement is the primary defense to partner departures. And it can be a powerful tool. If properly drafted, the partnership
For law firm partners, some circumstances arise after giving notice of a departure that can seem unexpected or even shocking. But it turns out that what may appear unlikely or uncommon is quite usual in partner departures, and some circumstances that may be difficult to imagine are foreseeable with the correct perspective.
Not all of
For many law firm partners, even those who run and manage law firms large and small, the idea that a law firm needs its own lawyers to manage legal ethics issues and related law firm governance matters may seem like overkill. After all, law firms are full of lawyers — hopefully, smart and skilled lawyers,
Law firms are often shocked and surprised when a partner or a group of attorneys announces their departure. We preach advance planning for law firms to avoid this element of surprise where possible. Well-managed firms try to anticipate situations that can lead to partner departures, try to actively monitor the signs that a departure may
We frequently address how law firms can use partnership agreements to disincentivize partners from departing the firm. Protecting the firm through the partnership agreement is an important way for law firms to manage the risks of partner departures. The partnership agreement is also among several tools the firm can and should employ to address the
