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The Death of the Law Firm Partnership Vote?
A group of professionals focused on innovation in law firms were sitting around a table at a recent conference in London when one wryly remarked, “Partnership votes? Who does those anymore?”
It was an apt statement to be made in London, where law firms are typically more committed than their U.S. counterparts to running their operations like their corporate clients. And it was equally appropriate that the comment came from a group focused on innovation in law firms, something much more easily accomplished when only a small group of yeas are needed.
As it turns out, a growing number of firms in the United States and the United Kingdom are eschewing historical partnership norms in favor of more centralized management, and with that comes fewer and fewer partnership votes.
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