When decisions are made in the best interests of the law firm and not any one individual, the firm becomes profitable. Key components of accountability and commitment to firm vision, the values that guide it, and integrity drive the firm. It relies on the external marketplace and provides for a healthy governing owner or partnership which drives the vision of the law firm. It is established by the ownership of the firm. Governance covers everything from management to partnership parameters to work culture. How you determine your governance program is directly related to your ability to succeed.
Catalyst believes that most firms wait until it’s too late to discuss issues of governance as directed by the owners of a law firm. Even the sole proprietor needs to be thinking and making decisions on aspects of governance and deciding how the firm should be governed. Providing for an internal chain of command and authority levels takes the stress out of law firm management.
Partnership documents are living, breathing documents that need to be reviewed every year. As the law firm changes, so do partnerships. A healthy partnership is one that is not afraid to confront issues and make course corrections