What are the odds this will be a trend?  Manatt-Phelps (#131 on the AmLaw 200) just changed from a traditional law firm governance model to a corporate-type model, complete with a Board of Directors and a Chief Operating Officer.  The directors serve staggered terms, and are term-limited, as is the managing partner.

Among the other goals this re-vamp is meant to serve:

• formalizing the new client/new matter intake process, to incorporate a review of all possible ramifications;
• formalizing enterprise risk management including, critically, reputational risk; and
• attempting to determine the ROI of marketing initiatives, which have tripled in the past several years from 1% of firm revenue to 3%.