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: Who Owns the Fox?

After all, we're lawyers

Interesting article on law firm bonuses...

http://www.nytimes.com/2007/12/02/business/02deal.html

The highlight, in my opinion, is the last 2 paragraphs:

"IT?S a nice thought but somewhat specious. Partners at law firms are a notoriously greedy bunch ? that?s why they accept so few new partners ? making it hard to believe that they are willing to part with their money so easily. I suggest there is something else at play: Law firms match bonuses to secure bragging rights.

Within their risk-averse, insular world, it?s a way of saying, ?We?re in the top tier.? But it doesn?t necessarily make good business sense. Though partners at elite firms routinely pocket millions, law firms have never been run as efficiently as truly great companies. After all, they?re run by lawyers."

Full post as published by Who Owns the Fox? on December 02, 2007 (boomark / email).