A difficult year is about to get harder. It’s the start of collection season for law firms, and the normal Christmas rush seems destined to run smack into fresh demands for deeper discounts. Adding a shiver of fear to those events are continuing rumors of coming partner bloodbaths. The glib talk revolves around two purported problems: some partners really have had little work all year, and some firms have done a poor job of keeping their members informed of just how far off budget the firm is. Dollops of pain seem likely to fall on many heads.
But before lacing up your Sweeney Todd signature aprons–or, if you prefer, while you’re tying them on–it is useful to remember that now is precisely the moment to run your private partnership as an institution built for the long run. To do that requires facing up to seven decisions that many of the best-managed firms have already taken in whole or in part. All require going beyond the banal jargon of the moment: client-facing, cost-controlling, collaborative-acting. None are easy or allow for quick or obvious judgments. All require choices and real investments. All they offer is a promise of a better tomorrow. They are:
