Day One It’s Friday afternoon, and you are the new Managing Partner of an old-line law firm in a significant legal market. Your firm has suffered three years of stagnating revenues and partner incomes, and has shrunk modestly in size, despite what has been for most firms a very profitable few years. You look around, and you realize that at 5:00, there are a number of dark offices—far more than can be accounted for by the shrinkage you’ve experienced. Your gut tells you the firm has lost its direction, and you are concerned about bringing the revenues back up to historical levels. For some reason, you’ve had a series of strikeouts with the various lateral candidates you’ve pursued. Cash flow has not been good, and you just heard from the controller that it is clear the firm will be off budget this year . . .
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