The business case for talent management in law firms - Are people really our greatest asset?
Date of this Version
Extract: Who wanted to be a Managing Partner of a law firm in 2007? 2008? 2009? 201 0? Law firms have come, gone, and many will not come back. We have seen tens of thousands of our legal industry colleagues lose their jobs and others take up new jobs that we have never seen before. We have seen U.S. law schools offer programs overseas. We have seen in-house counsel take on a new leading role in shaping the legal industry. We will shortly see multidisciplinary practices open in the United Kingdom and we have already seen the first law firm floated on the stock exchange in Australia. All of this did not happen in the last 12 months. It did not just happen in the United States. It was not solely the product of economic challenges in the United States and global economies. The truth is that the legal industry has been undergoing changes for decades; our recent economic woes have just poured a little fuel on that fire. The so-called "new normal" for law firms is, in fact, the culmination of long-articulated suggestions, requests, pleas, and now demands for change.
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