Legal & Law Firms: how the sector works
how a law firm works as a business: the partnership and why it cannot sell equity, equity versus salaried partners, the leverage pyramid, the billable hour and the fee models replacing it, lateral hiring as the growth engine, mergers and Swiss verein structures, panel procurement, conflicts of interest as a commercial constraint, bar rules on advertising and ownership, and the pressure from ALSPs, the Big Four's legal arms and in-house teams.
how a law firm works as a business: the partnership and why it cannot sell equity, equity versus salaried partners, the leverage pyramid, the billable hour and the fee models replacing it, lateral hiring as the growth engine, mergers and Swiss verein structures, panel procurement, conflicts of interest as a commercial constraint, bar rules on advertising and ownership, and the pressure from ALSPs, the Big Four's legal arms and in-house teams.