Edited by: Norman K. Clark

Good governance has become a critical condition for law firms of all sizes to meet the new, fast-moving opportunities of fast-changing markets for legal services — much more than just having a good partnership agreement.

Our multidisciplinary team of contributors demonstrate how governance has become a unifying and integrating system for a wide range of critical strategic and business issues. The inquiry starts with an overview of modern governance structures in law firms, and how the concept of governance has expanded to include features such as professional managers and partner remuneration systems.

To be effective, a law firm's governance system must facilitate, not complicate, the solution of important internal challenges, such as change management, managing partner performance and succession planning. How can good governance help law firm owners to make better decisions? How can governance incorporate management information and concepts of risk management into the decision-making process?

With new insights and substantially updated guidance derived from the recent developments and disruptions of the past ten years, this Second Edition, published in association with the International Bar Association, concludes with an examination of emerging trends that will shape law firm governance in the future. It provides visionary, but entirely realistic, insights into how law firm governance will need to continue to adapt to new regulatory regimes for the legal profession, stress testing concepts and new alternative business structures.

Contents:
Introduction
Norman K. Clark, Walker Clark LLC
Part I. Building an effective structure
Strategy drives governance
Leopoldo Hernández Romano & Rocío Vázquez Zavala, Kerma Partners
Fundamental elements of modern governance in law firms
Norman K. Clark, Walker Clark LLC
Governance as an organisingframework for managing the practice and the business
Tony Williams, Jomati Consultants LLP
Governance and structure: supporting the long-term success of a partnership
Michael Roch, Performance Leader
Five keystones for efficient business support operations for your law firm
Iryna Nikitina, IOCONS LLC
Part II. Challenges for law firm governance
Effective decision making in law firms
Sarah Martin, Martin and Levin
Good governance and partner performance
Lisa M. Walker Johnson, Walker Clark LLC
Riding the compensation tiger
Norman K. Clark, Walker Clark LLC
Partner compensation and partnership structure
Martín Carrizosa, Lawyer
Management information – what does the managing partner need to know?
Aku Sorainen, Sorainen
Governing risk
Norman K. Clark, Walker Clark LLC
Succession, retirement and beyond
Lisa M. Walker Johnson, Walker Clark LLC
Part III. Governance in the emerging future
Governance for lawyers in a new era – ‘alternative’ law firms
Stephen Revell
Leading change
Lisa M. Walker Johnson, Walker Clark LLC