What are the odds this will be a trend? Manatt-Phelps (#131
on the AmLaw 200) just changed from a traditional law firm governance
model to a corporate-type model, complete with a Board of Directors
and a Chief Operating Officer. The directors serve staggered
terms, and are term-limited, as is the managing partner.
Among the other goals this re-vamp is meant to serve:
- formalizing the new client/new matter intake process, to incorporate
a review of all possible ramifications; - formalizing enterprise risk management including, critically,
reputational risk; and - attempting to determine the ROI of marketing initiatives, which
have tripled in the past several years from 1% of firm revenue
to 3%.
