With new insights and substantially updated guidance derived from the recent developments and disruptions of the past ten years, this Second Edition, published in association with the International Bar Association, concludes with an examination of emerging trends that will shape law firm governance in the future.

Introduction 5 Norman K Clark Walker Clark LLC Part I. Building an effective structure Strategy drives governance 9 Leopoldo Hernández Romano KermaPartners Rocío Vázquez Zavala Modum Fundamental elements of modern governance in law firms 19 Norman K Clark Walker Clark LLC Governance as an organising framework for managing the practice and the business 37 Tony Williams Jomati Consultants LLP Governance and structure: supporting the long-term success of a partnership 49 Michael Roch MHPR Advisors Five keystones for efficient business support operations for your law firm 69 Iryna Nikitina IOCONS LLC Part II. Challenges for law firm governance Leaders’ insights on law firm governance 99 Norman K Clark Walker Clark LLC Effective decision making in law firms 107 Sarah Martin Martin & Levin; University of Oxford Saïd Business School; Meyler Campbell Good governance and partner performance 127 Lisa M Walker Johnson Walker Clark LLC Riding the compensation tiger 167 Norman K Clark Walker Clark LLC Partner compensation and partnership structure 179 Martín Carrizosa Lawyer Partner appraisals: what does the managing partner need to know about partners’ performance? 185 Aku Sorainen SORAINEN Governing risk 197 Norman K Clark Walker Clark LLC Succession, retirement and beyond 209 Lisa M Walker Johnson Walker Clark LLC Part III. Governance tomorrow Governance for lawyers in a new era – ‘alternative’ law firms 233 Stephen Revell Making Change Happen Leading change 267 Lisa M Walker Johnson Walker Clark LLC About the authors 311 About Globe Law and Business 315