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The Great Recession intensified large law firms' emphasis on
financial performance, leading to claims that lawyers in these
firms were now guided by business rather than professional values.
Based on interviews with more than 250 partners in large firms,
Mitt Regan and Lisa H. Rohrer suggest that the reality is much more
complex. It is true that large firm hiring, promotion,
compensation, and termination policies are more influenced by
business considerations than ever before and that firms actively
recruit profitable partners from other firms to replace those they
regard as unproductive. At the same time, law firm partners
continue to seek the non-financial rewards of being members of a
distinct profession and are sensitive to whether their firms are
committed to providing them. Regan and Rohrer argue that modern
firms responding effectively to business demands while credibly
affirming the importance of non-financial professional values can
create strong cultures that enhance their ability to weather the
storms of the modern legal market.
The Great Recession intensified large law firms' emphasis on
financial performance, leading to claims that lawyers in these
firms were now guided by business rather than professional values.
Based on interviews with more than 250 partners in large firms,
Mitt Regan and Lisa H. Rohrer suggest that the reality is much more
complex. It is true that large firm hiring, promotion,
compensation, and termination policies are more influenced by
business considerations than ever before and that firms actively
recruit profitable partners from other firms to replace those they
regard as unproductive. At the same time, law firm partners
continue to seek the non-financial rewards of being members of a
distinct profession and are sensitive to whether their firms are
committed to providing them. Regan and Rohrer argue that modern
firms responding effectively to business demands while credibly
affirming the importance of non-financial professional values can
create strong cultures that enhance their ability to weather the
storms of the modern legal market.
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