Call it Heresy, But Law Firms Require an Outside Perspective

, The Am Law Daily

   | 2 Comments

Dewey & LeBoeuf's collapse is just the latest example of why law firm leaders need to look beyond their firms' inner circles and bring in outside directors.

This article has been archived, and is no longer available on this website.

View this content exclusively through LexisNexis® Here

Not a LexisNexis® Subscriber?

Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via lexis.com® and Nexis®. This includes content from The National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at customercare@alm.com

What's being said

  • not available

    "To the authors’ knowledge, no firm has added outside members to its governing body." British law firms Addleshaw Goddard, SJ Berwin and Irwin Mitchell all have external non-executive directors on their boards. The June 2012 edition of UK journal 'Managing Partner' contains an article on the topic of non-executive directors in law firms. It can be found here (subscription required): http://www.managingpartner.com/feature/finance/upward-view Rob Millard

  • Patrick McKenna

    Interestingly, a number of large European (NautaDutilh) and Australian law firms have had outside, non-lawyer directors for years (the Australian firm I'm thinking of has a director who is a McKinsey partner). So, perhaps there are already examples worthy of being replicated. That said, there are countless business case studies wherein corporations have been accused of placing "yes" men on their boards such that just having an outsider may not do much if these people don't ask the tough questions. I think the point about concentration of decision-making among just a few partners combined with an apparent lack of transparency is more central to the issue of why these firms have imploded.

Comments are not moderated. To report offensive comments, click here.

Preparing comment abuse report for Article# 1202555796801

Thank you!

This article's comments will be reviewed.