Earlier this year, we partnered with Thomson Reuters to conduct the largest and most comprehensive survey on the state of smaller and mid-size US law firms. One hundred and forty five managing partners and firm leaders participated, representing firms with 10 to 174 lawyers. This ground-breaking White Paper highlights many of our survey findings, including:
- Ninety percent (90%) of firms met or exceeded their profitability goals in 2014. 2015 is looking even better for most firms.
- The top three strategies to improve financial performance are: 1) Strategically growing profitable practice areas; 2) Providing value to win new business; and 3) Becoming more efficient in the delivery of services.
- Seventy percent (70%) of firm leaders are “very confident” or “extremely confident” in their firm’s long-term success.
- The larger the firm, the more likely it has a firm-wide strategic plan. Among firms with fewer than thirty (30) lawyers, sixteen percent (16%) report having a strategic plan, compared to sixty-three (63%) of firms in the 80-174 lawyer range.
- Marketing and business development is the #1 strategic priority for seventy-five (75%) of firms in the survey.