Future Of Law Firm Governance

The reasons why firms must move from the traditional governance model has been dealt with in depth by numerous people. Simply stated, in order for firms to survive and prosper they must respond to the changing competitive realities of the market.

However, it is important to set some context for the ongoing transition by firms. While some firms may achieve running their firms as a business, they will be few in number. A larger number of firms, however, will create partnerships that achieve business like decisions. An analogy would be the reality of the small number of firms that achieve a paperless practice versus the much larger number of firms who are achieving a "paper lite" practice.