Law Firms Tap Business Acumen in Competitive Market

As law firms seek the right balance in a competitive marketplace, nearly all of the biggest firms rely on help from business professionals. It’s usually a chief operating officer, a non-lawyer, working with the managing partner and executive committee.

But those jobs seldom get outside notice because lawyers own and run their firms. They set the course and choose among themselves who will steer the partnership. Managing partner is considered an honor and the choice can signal whether a firm is changing direction.

When Lowenstein Sandler LLP hired its first COO, Joseph J. Palermo, it issued a press release on ...