Good Governance in Law Firms: A Strategic Approach to Executive Decision Making and Management Structures, Second Edition

Good governance is essential for law firms to meet the opportunities of fast-changing markets. It encompasses modern governance structures, professional managers, and partner remuneration systems. Effective governance facilitates the solution of internal challenges, such as change management, partner performance, and succession planning. This Second Edition of the book provides insights into how law firm governance will need to adapt to new regulatory regimes and alternative business structures.

Format: Hardback
Length: 315 pages
Publication date: 26 April 2023
Publisher: Globe Law and Business

Good governance has emerged as an essential prerequisite for law firms of all sizes to seize the rapidly evolving opportunities presented by dynamic markets for legal services. It goes beyond the mere existence of a solid partnership agreement and encompasses a comprehensive and integrated system that addresses a wide array of critical strategic and business concerns.

Our diverse team of contributors showcases how governance has evolved into a cohesive and harmonizing framework for addressing a diverse range of essential strategic and operational issues. The inquiry commences with an overview of contemporary governance structures within law firms, highlighting how the concept of governance has expanded to encompass elements such as professional management and partner remuneration systems.

For a law firm's governance system to be truly effective, it must serve as a facilitator rather than a hindrance in resolving critical internal challenges, such as change management, partner performance evaluation, and succession planning. By leveraging good governance, law firm owners can make informed decisions that drive their organizations forward.

Furthermore, governance can integrate management information and risk management concepts into the decision-making process, enabling law firms to navigate complex challenges with greater confidence and resilience. In this Second Edition, published in collaboration with the International Bar Association, we delve into new insights and extensively revised guidance derived from the recent developments and disruptions of the past decade.

By examining emerging trends, we provide visionary yet realistic perspectives on how law firm governance will need to adapt to evolving regulatory frameworks for the legal profession, conducting stress tests on existing concepts and exploring innovative alternative business structures. This edition aims to equip law firm leaders with the tools and knowledge necessary to navigate the ever-changing landscape of legal services and thrive in the future.

Dimension: 240 x 160 (mm)
ISBN-13: 9781787429345
Edition number: 2 New edition