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%.

 

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