Over the course of the year, Smock Law Firm Consultants has published and distributed a series of reports on four major US legal markets. The markets they cover are Chicago, New York, Cleveland and Atlanta. To develop these reports, John and his colleagues conducted numerous interviews with managing partners and firm administrators to learn about current trends and happenings, and hear their predictions for the future. The consultants also provide their analysis and commentary, as well. Here are a few highlights:
- 2014 has been a strong year for most mid-size law firms. 2015 looks promising, as well.
- Profitability, industry-focused marketing and client service are major areas of focus for many mid-size firms.
- Most mergers, acquisitions and lateral hires – 75% says Smock – are not successful, often due to lack of due diligence and failure to fully integrate the combined entity.
- Improved planning and project management are more important than ever for mid-size firms.
- In many firms, young lawyers are not “stepping up” to assume important leadership and ownership roles.
These reports contain some great insights and recommendations, even if your firm has no presence in these four markets.
Click here for Chicago Legal Market Report.
Click here for New York Legal Market Report.
Click here for Cleveland Legal Market Report.
Click here for Atlanta Legal Market Report.