The law firm lateral partner data suggests that most lateral partners do not meet revenue expectations at their new firms in their first year. This is bad news for the partners, whose compensation may be based on those expectations, and
In any law practice today, it is critically important to respond to partner departures in the right way. It is equally important to anticipate and manage partner departures proactively. From most firms’ perspectives, the partnership agreement is the primary defense
For law firm partners, some circumstances arise after giving notice of a departure that can seem unexpected or even shocking. But it turns out that what may appear unlikely or uncommon is quite usual in partner departures, and some circumstances
For many law firm partners, even those who run and manage law firms large and small, the idea that a law firm needs its own lawyers to manage legal ethics issues and related law firm governance matters may seem like
Law firms are often shocked and surprised when a partner or a group of attorneys announces their departure. We preach advance planning for law firms to avoid this element of surprise where possible. Well-managed firms try to anticipate situations that
We frequently address how law firms can use partnership agreements to disincentivize partners from departing the firm. Protecting the firm through the partnership agreement is an important way for law firms to manage the risks of partner departures. The partnership
Partner departures typically are very disruptive to law firms. In the near term, partner and group departures can create short term revenue shocks, create holes in the firm’s expertise, foster uncertainty for those who remain, and damage morale, to name
In today’s rapidly changing legal marketplace, law firms must prepare for potential partner departures before they happen, with detailed plans for reacting if a partner or group of attorneys leaves the firm for another firm. But partners or groups leaving
Here it comes again, that dreaded thing: New Year’s resolutions. Yes, just when all of us were ready to turn the page on 2020 and embrace a new year with new possibilities, so far, the turmoil does not seem to
It has been almost two years since the California Supreme Court issued its decision in Heller Ehrman v. Davis Wright (2018) 4 Cal.5th 467, holding that a dissolved law firm has no property interest in fees generated after dissolution