New report shows mid-size and small law firms confident they can succeed
Leaders of mid-size and small law firms are meeting or exceeding their profitability goals, and are confident in their ability to succeed in the current legal environment. Those are among the findings of a new report — Strategic Planning: Key to Smart Growth — conducted by Thomson Reuters and the Managing Partner Forum.
The 2015 survey of mid-size and small law firms included 145 managing partners and other leaders of firms up to 174 lawyers in size. More than two-thirds of law firm leaders surveyed said they are extremely confident or very confident that their firm will succeed in the current legal market. Nearly 90 percent said their firms either met or exceeded their profitability goals in 2014.
Larger mid-size firms – those with 80 to 174 lawyers – feel that price competition and changing legal fee structures are the current market trends having the greatest impact on their firms. Leaders at firms with fewer than 80 lawyers are more focused on increased information management challenges. Across the board, a majority of firms said adopting new technologies has been the single biggest change that has helped to improve lawyer efficiency in their firm.
“Growth for growth’s sake is no longer the objective in today’s rapidly evolving market,” said John Remsen Jr., president and CEO of the Managing Partner Forum. “Firms are now focused on achieving modest growth, enhancing profitability and delivering more value to clients. Making smart investments in technology, time and talent are increasingly the paths firms are taking to increase efficiency and reduce cost pressures.”
To download the full report, click here, or for more information on the Managing Partner Forum, visit ManagingPartnerForum.org. For additional information about Thomson Reuters Managing Partner Series and its collection of best practices reports, peer profiles and current trends coverage to help midsize firms manage and grow, visit legalsolutions.com/managing-partner.
