There may have been a point in our history when law firms nearly ran themselves. They were small entities with most of the partners’ names on the door. Clients were institutional – they used the firm because they had always done so, and didn’t fret about the bills. Talent stuck – an associate joined out of law school and didn’t give a thought to leaving until retiring as a senior partner. The business plan wasn’t quite as simple as ‘print money’, but it wasn’t much more complicated than keeping the lights on. Under such conditions, the title of managing partner was more honorific than anything. And the idea of giving special attention to how th...
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