Is it time to re-consider the business structure in law firms?

Some say we need swifter and faster decision-making, and that the LLP partnership model needs either to adopt corporate structures or change governance so that faster decisions can be taken.

It is certainly true that the LLP partner model can overly focused on this year’s PEP rather than on building long term value.

We are seeing new business models – private equity, listed firms, and corporate structures. If you ever sat around a board table with a law firms owned by venture capitalists or private equity, it’s a very different experience to the traditional partnership table.

By Paul Browne