December 11, 2019
A recent Wall Street Journal article reported on seismic changes befalling large law firms. Seems that under the new regime, “data and money rule.” Gone is the tightknit camaraderie. The three-martini lunches. Where “I’ll get around to it,” was the response to turning in time sheets and billing practices were lax. Where splitting profits at the end of the year was simply a matter of “let’s look in the bank account and see what’s there.” Now, modern firms are run like investment banks. With a ruthless focus on numbers. Billable hours. Partners required to submit weekly timesheets or face a fine. Promotion based on rainmaking – not just doing good work. What struck me about the reporting was this: The way large firms used to operate sounds suspiciously like the way many small businesses still do. The desire for camaraderie and collaboration. A “relaxed” attention to the numbers (if at all). Love of the work and service over a focus on money. (I get it. It’s why I was drawn to law and working with…
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