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No matter how large, how famous, or how successful your law firm has been in the past...

...if you want to increase the chances of your law firm still being in business ten years from now, you must have a Chief Innovation Officer.

Sorry, there are no exceptions.

By Karunakar Rayker from India - Watering hole, CC BY 2.0,

A recurring theme of this blog has been that smaller law firms have much less tolerance for poor management. The loss of just a few clients or even one partner can have a disproportionately larger impact than in a larger firm.

One of the biggest risks to a small law firm -- and one that is frequently overlooked or, in some partnerships, deliberately ignored -- is its partner compensation system.