Too many lawyers. More demanding clients. Increasing competition. Industry consolidation. Globalizing economy. Advances in technology. Proliferation of disruptors. Yikes! What’s a law firm to do? As we know, change surrounds the legal industry, yet smaller and mid-size firms have been slow to adapt and evolve.
On July 19th, we presented a hard-hitting program for 70 managing partners and firm administrators in Chicago. To prepare, we drew upon bench-marking data we collected for The MPF Leadership and Governance Survey (147 firms, April 2016) and the Audience Polling Results we collected at The MPF 2016 Leadership Conference (87 firm leaders, May 2016). We also provided some strong advice to leaders of mid-size firms. Here are a few highlights:
- Mid-size law firms are slowly moving toward more formal, structured governance models.
- Firms with strategic plans report positive results, yet more than half of mid-size firms don’t have one.
- Marketing, succession planning and growth top the list of strategies priorities for mid-size firms.
- Despite what we read and many have predicted, alternative fee arrangements are not taking off.
- 60% of managing partners confess that they are not dealing with problematic partners as they know they should.
This is fresh and relevant bench-marking information with more to follow when we publish our soon-to-be released MPF White Paper.