Law Firm Management

• Diversity and inclusion is one of the most important and pressing issues in the legal profession.
• Notwithstanding a host of diversity initiatives spearheaded by law firms, corporate clients, professional organizations, and other stakeholders, the legal profession remains one of the least diverse professions in our society.
• BCG Attorney Search wants to help change that.

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• There has been a tremendous amount of energy and attention devoted to increasing diversity and inclusion in law firms, and yet women, attorneys of color, LGBTQ attorneys, and other diverse attorneys continue to lag behind.
• Women account for less than a quarter of all law firm partners.
• The percentage of African-American associates has just this year surpassed 2009 levels, and attrition is a major problem, as diverse attorneys are leaving law firms at disproportionate rates because they feel marginalized, undervalued, and without any meaningful future in those institutions.

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There are enormous benefits of diversity, and many reasons why law firms should strive to become more diverse and inclusive. These benefits include:

• Offering better legal representation through more creative, textured, and insightful problem-solving;
• Attracting and retaining top talent in a changing world;
• Complying with the demands of corporate clients and thus maximizing profits;
• Promoting better workforce morale;
• Improving public prestige and reputation; and
• Being fair and equitable in accordance with values underlying the legal system that law firms serve.

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Learn why diversity in the legal world is so important and how companies and law firms are encouraging diversity through new and upcoming diversity programs. READ MORE >

A recent study showed how even law firm websites have an impact on the retention of diverse attorneys. Learn more in this article. READ MORE >

The billable hour has long been a staple of law firms, but it also appears to be hindering gender equality at major law firms. Learn more in this article. READ MORE >

Find out which major law firms are leading the way in 2017 in gender equality. READ MORE >

Corporate clients are leading the way when it comes to facilitating change in the diversity and inclusion arena. Using a variety of tools like open letters, financial incentives, and financial penalties, general counsels are leveraging the “power of the purse” to help ensure that the firms they use for outside legal services step up their commitments to diversity. READ MORE >

This article provides details about law firm compensation plans and how salaries are determined in law firms. READ MORE >

• Law firm compensation can come in many forms.
• They can be raises or come in the form of holiday bonuses.
• Still, law firm compensation has changed within the last 15 years.
• Find out now what those changes are.

Summary: Learn more about the history of law firm partner compensation and how partners are compensated in law firms today in this article.

There has been considerable change in law firm partner compensation systems over the past 15 years and two basic systems exist today – subjective systems and lockstep systems – according to a recent white paper. U.S. law firms overwhelmingly use subjective systems in which committees allocate compensation based on a number of factors, the most important of which is client origination. READ MORE >

I spoke recently with a very bright and talented young woman, a recent graduate of a good law school who was contemplating employment offers from three of the country's leading law firms. To my surprise, she said that a major factor for her in choosing among the competing offers she had received was the quality of the professional development programs at the three firms she was considering.
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Learn the purpose of business intelligence in a law firm and four basic rules on how to use it successfully. READ MORE >

The achievement of value convergence will greatly benefit your law firm. Learn the steps you need to take to achieve value convergence in your firm. READ MORE >

Learn what the drivers of profitability are in your law firm and how to ensure that your firm’s profitability continues to increase. READ MORE >

Learn the four stages of group development, how each stage applies to groups in law firms, and how to develop effective teamwork strategies in law firms. READ MORE >

Major US law firms have continued to see increasing profits per partner over the last several years, even in a bad economy. Learn why in this article. READ MORE >

What holds back many law firms from achieving greatness? Self-delusion about their current market position. READ MORE >

Growing concern about associate attrition is an industry-wide phenomenon. Why is associate retention such a big issue, and how can law firms address it? READ MORE >

There are in fact many compelling reasons for a firm, corporation, or other workplace to offer alternative work-time options. Here are some of them. READ MORE >

There is no doubt mentoring is extremely important to the careers of associates. It is extremely important that law firms and their associates realize that mentoring programs are crucial for retention and the career development of associates. READ MORE >

A new generation of lawyers is breaking traditions and redefining the practice of law. Here’s why alternative work arrangements make sense for law firms. READ MORE >

This above all:
To thine own self be true
And it must follow, as the night the day,
Thou canst not then be false to any man.

William Shakespeare READ MORE >