In a recent article in Bloomberg Law authored by Roy Strom, Calibrate CEO Jennifer Johnson provides commentary on the increasing number of firms hiring executives to manage the business of individual practices.
In an effort to build a top-flight debtor-side bankruptcy practice, Fried Frank has recently hired Ben Schrag as COO of the new restructuring practice. Schrag’s appointment is an acknowledgment that firms are now becoming more complex than ever, prioritizing the effective business management of not only the firm as a whole, but also individual practice groups.
“We’ve really seen a shift to practice group leaders becoming highly interested in people with additional business acumen to help them run their practices,” said Jennifer Johnson. “That’s where many—if not most—firms are headed in a really intentional way.”
Those business leaders have varying responsibilities, typically tailored to the desires of the partners they support, Johnson said. They generally advise on strategic planning, workload and productivity management, client intake, budgeting, expense management, compensation, and recruiting.
They troubleshoot problems by collaborating with leaders of firmwide business functions like IT, finance, marketing and human relations, Johnson said.
“The idea is to get each person in the law firm ecosystem to operate at their very highest and best,” she said. “These roles are key to a firm’s successful future state. They help to elevate the attorneys to focus on the practice of law.”
The article goes on further to discuss Shrag’s role at Fried Frank as well as his professional journey that led him there.
