Law firms require outside directors. Heresy you say? Yes, but they really, really need them. The bigger and most successful firms need them the most but almost any sized firm could use the expertise that an outsider would bring. Why?
Dewey & LeBoeuf represents today’s most convincing argument, but going all the way back to Finley Kumble’s demise in the late 1980s, major law firms, and many not-so-major firms, have failed to manage risk. This failure occurs in part because the governance structure of virtually all law firms excludes outside perspectives.
Here are three recent examples.
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By Paul Bellows and Al Conti