Large Firms
Oct. 12, 2012
LLP's rise as the big law entity of choice
Governance methods, operating procedures and protocol that worked when firms had 20, 50, even 70 partners, became increasingly difficult to administer with 100 or more partners. By Edwin B. Reeser
The legal profession has been exposed to difficult times since the world wide "bubble" economy in 1990 popped. Economic distress brought theretofore unheard of responses by law firms. The first and perhaps most dramatic of these more "business-like" actions survives to this day as the descriptor of a purely economic decision to maintain partner profits at the expense of young associate careers: to be "Lathamed." The m...
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