Governance today is more than just writing a good partnership agreement. Our multidisciplinary team of contributors demonstrate how governance has become a unifying and integrating system for a wide range of critical strategic and business issues. The inquiry starts with an overview of modern governance structures in law firms, and how the concept of governance has expanded to include features such as professional managers and partner remuneration systems.
To be effective, a law firm’s governance system must facilitate, not complicate, the solution of important internal challenges, such as change management, managing partner performance and succession planning. How can good governance help law firm owners to make better decisions? How can governance incorporate management information and concepts of risk management into the decision-making process?
The fourth in this popular series on the business of law, published in association with the International Bar Association, the book concludes with an examination of emerging trends that will shape law firm governance in the future. It provides visionary, but entirely realistic, insights into how law firm governance will need to continue to adapt to new regulatory regimes for the legal profession, stress testing concepts and new alternative business structures.
Tabela de Conteúdo
Introduction 5
Norman K Clark
Walker Clark LLC
Part I: Building an effective structure
Strategy drives governance 9
Leopoldo Hernández Romano
Rupprecht Graf von Pfeil
Rocío Vázquez Zavala
Kerma Partners
The evolution of modern governance in law firms 17
Norman K Clark
Walker Clark LLC
Governance as an organising framework for managing the practice and the business 31
Tony Williams
Jomati Consultants LLP
Governance and structure: supporting the long-term success of a partnership 41
Michael Roch
Kerma Partners
The role of professional management in law firms 57
Iryna Nikitina
Independent consultant
Part II: Challenges for law firm governance
Effective decision making in law firms 79
Sarah Martin
Coombs Martin
Good governance and partner performance 97
Lisa M Walker Johnson
Walker Clark LLC
Riding the compensation tiger 121
Norman K Clark
Walker Clark LLC
Partner compensation and partnership structure 131
Martín Carrizosa
prietocarrizosa
Management information – what does the managing partner need to know? 137
Aku Sorainen
SORAINEN
Governing risk 147
Norman K Clark
Walker Clark LLC
Succession, retirement and beyond 157
Lisa M Walker Johnson
Walker Clark LLC
Part III: Governance tomorrow
Governance for lawyers 173 in a new era – ‘alternative’ law firms
Stephen Revell
Freshfields Bruckhaus Deringer
Managing change 203
Lisa M Walker Johnson
Walker Clark LLC
About the authors 231
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