Law firms need to start acting more like businesses, a management professor says, and they could start by hiring “business-savvy nonlawyers” for leadership roles.
Updated: The conventional wisdom is that Howrey failed because of a quick expansion and partner dissatisfaction spurred by fluctuating profits and a lack of transparency.
Several large U.S. law firms have temporarily closed their offices in Tokyo, while others that didn’t formally shut down are helping their personnel who want to work elsewhere.