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Breaking traditions: The end of traditional partnerships?

Nick Carter-Pegg explores how law firms are changing their governance structures in response to strains on the partnership model

7 January 2013

 

In 2012, we saw Dewey & LeBoeuf face collapse. This is a firm which traces its roots back to 1909 and, as recently as 2010, was ranked among the top 25 global law firms. Many smaller and medium-sized UK law firm partnerships are also struggling to survive in the current market.

Some have said that this, together with some other law firm failures, shows the vulnerability of the traditional partnership structure. While this model has existed and been used successfully for many years, is it the right model for the law firms of the future, and particularly the large global firms?

The image of a traditional partnership has all of the partners sitting around the boardroom table, sharing knowledge, discussing the firm’s business and taking the decisions. The partners remain highly independent and are left alone to develop their p...

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