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Investing in the partners of the future

By Andrew Hedley, Director, Hedley Consulting

24 November 2014

There was a time when, in order to be invited to join a UK partnership, the prerequisites were good lawyering skills, a long tenure at the firm and to be seen as a ‘good egg’ by the other partners. An aspiration for partnership was assumed and firms ran themselves profitably with minimal management intervention. This model was founded in a world with no price competition, minimal client pressure and limited requirements for efficient operations.

Indeed, with time expended as the basis for charging, it could be argued that the regime positively mitigated against efficiency improvements in lawyering, since no economic benefit was delivered. There were, of course, initiatives to reduce costs in order to boost profits, but the overriding focus was not necessarily on reducing prices to the client or delivering value-added services.

Today, a highly competitive market, ...

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