A law firm is optimally managed when the organisational and leadership needs of that firm are consistently well aligned with the resources the firm has to meet those needs. Full stop.
In all law firms, management needs and resources are in constant flux. A law firm never fully “arrives”, nor is it ever completely deficient in its management needs and resources. That said, internal management issues rarely get sufficient attention because they involve non-billable time.
Most firms function reasonably well day to day with an organisational structure and leadership model based on what needs to be done and who is available to do it. Time gets billed, invoices are posted, employees and expenses get paid and dollars come in, with the excess being divided among the equity partners.
That is, until someone realises the firm’s management, although adequate, is less than optimal. “Slippage” occurs, partners need financial and other information that is not available, lines of command get blurred and discord develops. A less than ideal alignment between the firm’s management needs and resources becomes apparent.