Let’s say that a partner at a law firm has been there for quite a while and is getting older, a situation in which I once found myself.
And let’s say that the partner is done with working lots and lots of hours and wants out. Perhaps the partner has become tired or has had a health scare or no longer deals with stress as well as he or she or they once did or finally realizes that there is more to life, or whatever.
They say that the Americans are tougher than we are when it comes to business. I think that it is probably true.
I met John in the early 90’s, shortly after he had arrived in Toronto to set up a Canadian branch of his large Buffalo law firm. John was a very senior lawyer by then and he was the managing partner of the Toronto branch office of his firm, and in charge of the firm’s cross-border practice.
In law firms, partners are represented by two separate yet equally significant groups. The innovative partners who drive the firms forward, and the old guard who advocate for the status quo to protect their incomes. These are their stories.
Lawyers are not generally known for their accounting expertise.
It is not that accounting concepts are too difficult for lawyers to learn. In fact, a lawyer can be a very quick study when working with accounting concepts which are relevant to their files.
The problem arises when it comes to matters which affect their own income. In these cases, lawyers tend to apply their creative talents and their persuasive skills to cloud the issues in their favour.