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BigLawMoney and Meaning in the Modern Law Firm$
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Mitt Regan and Lisa H. Rohrer

Print publication date: 2020

Print ISBN-13: 9780226741949

Published to Chicago Scholarship Online: September 2021

DOI: 10.7208/chicago/9780226742274.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 17 May 2022

Entrepreneurs and Collaboration

Entrepreneurs and Collaboration

(p.77) 4 Entrepreneurs and Collaboration

Mitt Regan

Lisa H. Rohrer

University of Chicago Press

This chapter describes the risk that fostering an entrepreneurial orientation among law firm partners can lead them to regard themselves as running their own businesses rather than as part of a law firm. This can lead to self-interested behavior that may be rational for a partner but undermines collegiality in the firm, as well as undermining its profitability. Law firms therefore attempt to take steps to "institutionalize" clients by ensuring that several lawyers have relationships with them. This can enhance law from stability by making it difficult for a partner to leave and take clients with him, and can foster greater collaboration within the firm. Such collaboration can both enhance the financial condition of the firm as well as provide an intrinsic reward for lawyers within it. In this respect, institutionalizing clients can serve both business and professional values. The chapter describes steps that various firms take in an effort to emphasize the importance of collaboration and attach clients to the firm rather than to individual lawyers.

Keywords:   collaboration, cooperation, institutionalizing clients

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