How Fit Is Your Board to Lead? Most Law Firms Don’t Know

• Over half of firms have never undertaken a board effectiveness review
• Of those that have, half do not have a regular cadence and undertake their reviews on an ad hoc basis.
• Many firms are taking steps to support individual Board members with over 50% now providing coaching or mentoring.

While corporate boards routinely assess their own performance, law firms lag far behind. PSFI’s 2025 Board Report revealed that fewer than half of the firms surveyed had undertaken a board effectiveness review.

“It’s very surprising,” says PSFI Partner Kevin Hogarth. “Law firm boards face complex risks—but few test if they’re fit to face them. Given the complexity and volatility firms are facing, to not assess whether your board is fit for purpose is like driving blind.”

Law firm boards operate in a complex and fast-moving environment, grappling with:

• Geopolitical and regulatory instability

• Rising influence of private equity and industry consolidation

• Rapid developments in AI and legal technology

• Heightened scrutiny from regulators and stakeholders

Despite these pressures, most law firm boards often only conduct reviews reactively, following a leadership change or merger. Very few embed effectiveness reviews into their governance calendar.

“In the corporate world, external reviews are expected every three years, with self-assessments annually,” Kevin Hogarth notes. “But in law firms, the notion of regular review is rare—and often avoided because it’s seen as time-consuming, invasive and the value is not fully understood.”

Peter Duff, Principal Consultant at PSFI believes a culture shift is needed. “The professionalisation of law firm management has come a long way, but board self-awareness hasn’t kept pace. Some firms are still led by lawyers whose careers had previously no need to develop board skills. A Board review is a great way to assess if there are any gaps that can be filled to strengthen the group’s effectiveness.”

At PSFI, we know that the ability of a law firm board to function effectively is now a matter of strategic importance. A meaningful review is the first step toward building a governance structure capable of navigating the future.

“Ultimately, we help firms ask: Are we capable of steering this ship through the storm? And if not, what do we need to change?” says Kevin Hogarth.