Home Daily News As law firm culture changes, being a partner… Law Firms By Debra Cassens Weiss August 12, 2019, 10:58 am CDT Image from Shutterstock.com. Law firm culture has changed since the American Lawyer began publishing financial data in 1985. Partners looking at compensation information realized they could make more money at other law firms, which has led to a more robust lateral market, the Wall Street Journal reports. At the same time, law firms continued to grow and offer one-stop services to clients. “A focus on data replaced tightknit camaraderie,” the Wall Street Journal article reports. “Firms closely track how many billable hours each lawyer has logged, which clients are late on payment, and how many hours an assignment usually takes.” In the late 1960s, the country’s largest law firm, Shearman & Sterling, had 169 lawyers, the article reports. Today, 29 law firms in the United States have at least 1,000 lawyers. The country’s largest law firm, Dentons, has 10,000 lawyers in 78 countries. In the days of the old law firm culture, partners rarely moved, job security was all but guaranteed and partners took home roughly equal paychecks. “That model, and the culture that grew up around… Read full this story
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