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Addressing the Fraying Partnership
We are now in the sixth year of intense structural pressure on the legal industry, and it has become clear to everyone that we are not going back to the way things were. Lawyers are not alone, of course. Most other industries have experienced similar or in many cases far more significant pressures on their business models. But in many ways, law firms have struggled far more than have other industries to “adapt” to the new realities of the marketplace. Not all firms are struggling with change, of course, but many are. This helps to explain the current reality that while “on average” the industry remains fairly flat, there seem to be fewer “average” firms out there than ever before. That flat average is made up of a lot of firms doing quite well, and many others that seem to be in some form of long-term struggle, leaving the middle ground under-populated.
Key Factors
What explains the differences between firms doing well and those that seem to struggle along? There are many factors, of course, ranging from luck to extraordinary (good or bad) management, but one factor seems to be playing an increasingly important role ' the structure and resilience of the firm's “partnership,” which is linked to its culture. (We use “partnership” here in a generic sense, irrespective of the legal structure.) And, in a self-reinforcing way, resilience declines as the firm remains under pressure, reducing the firm's ability to right itself and fostering long-term, gradually declining drift.
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