Why Don’t Law Firms Have CEOs Like Corporations?
Why don’t law firms have CEOs like corporations? Obviously, the answer is not the lack of a qualified nonlawyer. In the past, it was considered improper for law firms to have nonlawyers in executive positions. In addition, the title implied control over lawyers. However, more than 50 Texas law firms objected to this opinion. The committee revised their opinion in September 2015.
While the current economy is providing some relief, CEOs still face the challenge of attracting and retaining the top talent. While the recent economic downturn has provided some respite from this challenge, demographic realities will soon force corporations to look for unconventional talent pools to fill their executive positions. Law firms are one of those unconventional talent sources. But they may be overlooked for the right reasons. Here are some reasons.
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Client satisfaction is the ultimate goal of any law firm. Increasing client satisfaction is the ultimate goal, but the compensation of partners is often seen as the third-rail of law firm management. Partners will choose their own interests if there is no alternative. Increasing compensation can be linked to improved client satisfaction. If partners are paid based on client satisfaction, they are more likely to act in the best interest of the firm.
Law firms are not think tanks or factories. They are subject to market forces. These forces affect client expectations, price pressure from competitors, and constant innovation by new entrants. But law firm leaders are typically not equipped to navigate these forces effectively. By examining the business model of a print encyclopedia, law firms might gain some insight into how to manage these challenges. Fortunately, this knowledge can be used to improve the quality of work and customer satisfaction.Visit here me: thedolive Touch here visit now: topwebs