Post #879 – May 24, 2021
Why Law Firms Need Non-Executive Directors
I posted this note to my LinkedIn page about a week back and to date this posting has generated over 2800 Views!!!
“Why Law Firms Need Non-Executive Directors”
Earlier this week, the Leader of a firm with offices in New York and Hong Kong commented:
“Why is it uncommon for law firms to have a board comprised of external professionals to advise them? At the very least, it seems like good governance. I have started the process of putting together a board for my firm.” He graciously referenced as his stimulant, an article that I had authored some six years ago entitled: “Why Law Firms Need Non-Executive Directors” https://lnkd.in/gcH2_EH
So, now I’m curious. I continue to be surprised as this is a common practice amongst many accounting firms and amongst some of those in other non-American jurisdictions. But is anyone aware of any US law firms who currently have an outside Non-Executive Director serving as an advisor to their firm’s Board or Management Committee?
AND, of course, the answer I received from 2600 Views was . . . “NO RESPONSE!”
Now I’m most interested in professional service firms that bring on NEDs - and most specifically whether there has been any research done, that any of you are aware of, either in the UK or Australia, that quantifies / reaffirms the specific benefits that might accrue to any professional firm that employs NEDs?
Anyone? Please respond by email.