We’re pleased to share the audience polling results from The MPF 2014 Leadership Conference held on May 8, 2014 in Atlanta. More than 100 managing partners and firm leaders participated. The bench-marking data in this slide deck is especially relevant to smaller and mid-size firms.
Among the highlights:
- Sixty-eight percent (68%) of managing partners believe that the legal profession has experienced profound and permanent change over the past ten years.
- Thirty-two percent (32%) of firm leaders are “very concerned” about their firm’s long-term viability.
- Sixty-five percent (65%) don’t think their younger lawyers are up to the task of inheriting the firm.
- Seventy percent (70%) believe that a firm-wide strategic plan is “absolutely essential” to lead a successful firm.
- The top three initiatives firms have implemented in response to the changing market are: 1) Ramp up marketing and business development. 2) Improve internal processes and procedures. 3) Pursue lateral hires with books of business.
- Eighty-eight percent (88%) of managing partners say they enjoy the leadership role.
More than ever, strong and effective leadership is necessary in today’s highly competitive and rapidly changing market.