The Managing Partner Forum for Midwestern Law Firms - Results from Audience Participation Session - May 5, 2011


We thought we'd share the audience participation results from our most recent law firm leadership in St. Louis. 36 managing partners participated. Click on the link below to download the complete PDF version of the report.

If you've never been to one of our conferences, we begin the day with a general session featuring audience participation technology. We pose a series of pre-determined questions to the audience and ask them to answer anonymously using a keypad.

Their collective responses are complied and displayed instantaneously for all to see. A panel of consultants and the audience are invited to comment on what we learn. It's terrific benchmarking information that many participants eagerly take back to their firms to circulate among their partners.

As I review these results and compare them to results from other Forums, here are my top six take-ways....

1) Generally, mid-size law firms appear to be performing quite well financially in 2010 and 2011. 52% report a "much better than expected" year in 2010, and 68% say 2011 is projected be even better.

2) "Improved billing and collections practices" is the #1strategy, by far, these firms are using to improve financial performance. "Marketing and business development" is a distant second.

3) Only 39% of firms have written firm-wide strategic plans. 25% say they are working on one.

4) LinkedIn is the social media site most familiar to firm leaders. Facebook is a close #2.

5) "Initiating change" and "building consensus" are the most important contributions managing partners make in their roles as firm leaders. As we've seen in previous surveys, they tend to spend too much time on day-to-day administration.

6) 80% of firm leaders do not have a clearly defined exit strategy to step out of the role.

This is timely information that is particularly relevant to mid-size law firms. Please share.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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