Law firm partners have long resisted the notion that they need a strategy. However, markets change and the landscape has become increasingly competitive. Law firms that want to remain competitive need to think about and engage in strategy development; those firms which have done so are now undeniably in a better position than those which have not.

New article the relationship between profit sharing and culture in a law firm, by Chris Vaagt

PRofit sharing Globe books

This is the subject of a new articve Chris Vaagt has written for an IBA Book on profit sharing systems.  Law firms are constantly looking to improve the effectiveness of their partner remuneration systems and to make the administration of their partner review processes more efficient. The book covers various aspects of partner remuneration.

Based on scientific findings rather than guessing, Chris Vaagt sheds a new light on this relationship, making it particularly important for top law firms. Because one thing which sets them apart from the rest of the pack is that they do not change it with every up and down of the market, enabling them to build a long lasting culture around performance and excellence when serving clients, while the rest of the market discusses profits which always seem to be too low. A short version of this article is available on linkedIn.

The book is available through Globe books

picture frontcover General Counsel Book 21st Century

Wolf Peter Gross and Chris Vaagt are the editors of this exciting new Book on the Challenges and Opportunities of the General Counsel in the 21st Century. They have got contributions from leading individuals who have acted both as Counsel and as lawyers, and have a thourough understanding of the evolving role. Based on our understanding of the changes we witness every day on our consulting work for General Counsels, we thought about collecting all the pieces and have refreshing look at this development.

The Book is on the market since October 2015 and can be purchased here!

The first-ever benchmark study of the German Law Firm Market

CSP Cover

We are proud to present the first-ever benchmark study of the German legal market (it is, to our knowledge, the first benchmark study ever being carried out and published consequently in the legal industry). The focus is on the Top 200 firms active in the German market, with data analysis of the largest 50 firms, including international firms operating in Germany. We have analysed the German market for the period 2004-2008. During this time of ever-increasing market and sustained growth (12 %), some firms have really excelled, while others have merely kept the level of success. The market is now clearly segmented. The question is which firms will be left over during the next consolidation phase. Both German and Anglosaxons Firms have left the market recently - because their financial health and strategy did not match their aspirations. 

This study can be purchased at the publishers. As it is in German, it might be more helpfull to have a life presentation in english and discussion with Chris Vaagt, who is both the author and the most senior of our consultants. Don't hesitate to contact us.

Article published in The Lawyer, Jan 9, 2012, co-authored by Christoph Vaagt and Richard Tromans

Chris Vaagt is Principal of Law Firm Change Consultants in Munich and produced the study. Richard Tromans is a consultant with Jomati Consultants LLP in London.

With the continual headlines about low growth and a crisis in Europe one could believe US and UK law firms have littleinterest in continental Europe. But, this is far from the truth. The EU remains the largest economy in the world and firms keep on launching new offices in Europe because of client demand.

The powerhouse at the centre of this economic bloc is Germany. Get Germany wrong and you get your entire European strategy wrong. And a global law firm with weakness in Europe needs to ask itself sometough questions. One could say Germanyis a litmus-test for measuring the success of any global law firm's international strategy.

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