Friday, January 27, 2012
Here’s the answer given by Mark Tamminga, Leader in Innovation Strategies at Canada’s Growlings LLP:
I don’t think there’s any such thing as the practice of law. The field of law practice is really a category of disparate businesses that are as different one from the other as architecture is from engineering. I think the partnership model as a large law firm business vehicle is in serious trouble. Having hundreds of owners involved in the decision-making process bogs things down badly. Distributing all the profit at the end of a year also bogs things down badly. Those two things together mean trouble in a world of extraordinary change. Smaller, more nimble vehicles with more focused command and control structures and the ability (and desire!) to make significant capital investments hold a large advantage over law partnerships. What success we lawyers still enjoy is largely a factor of the market monopoly we hold and cannot fairly be attributed to any form of business acumen.
Here is the link to the interview.