Tuesday, November 30, 2010

Leaders of Mid-Size Firms "Cautiously Optomistic" for 2011

Observations from International Law Firm Network Conference

Law firms leaders are feeling pretty good about 2011.

Using audience polling technology, we asked leaders more than 100 law firms (about half from the US) how they would describe their projections for 2001. Their answers:
  • 14% project "solid improvement" over 2010
  • 65% are "cautiously optimistic," with lingering concerns about the global economy
  • 18% project "flat" performance in 2011
  • Only 2% project profits per partner to decline

And firm leaders in the US seem to be on the same page.

At our inaugural Managing Partner Forum for Northeastern Law Firms, we asked the same question of managing partners of 35 mid-size Northeastern law firms. Here are their responses:

  • 4% project "solid improvement"
  • 74% are "cautiously optimistic"
  • 22% project "flat performance"

We see a good year for well-run mid-size firms, as well, with strategic planning, leadership development and marketing emerging as top priorities for many smaller and mid-sized law firms.

For articles, White Papers and more, be sure to check our website.

Monday, November 22, 2010

Profits Up for Mid-Size Law Firms in 2009 and 2010

Observations from Law Firm Network's International Conference

I had the good fortune to speak at a recent international conference presented by one the leading global law firm networks. Leaders of over 100 law firms - mostly mid-size in their respective markets - were in attendance. Just over half of the participants were from US firms, and about 27% represtented European firms.

During our session, we used state-of-the-art audience participation technology to elicit their answers to a series questions about a myriad of issues relating to financal performance and firm governance.

Let's first look at financial performance in 2009 and 2010. As BigLaw suffered, here is what they had to say:
  • 29% reported profits per partner (PPP) up more than 10%.

  • 34% reported profits per partner up 1-10%.

  • Only 6% reported a decline in profits by more than 10%.

Not bad at all.....and more data reinforcing that well-run smaller and mid-size firms have performed exceptionally well during the economic downturn. Our next blog post will reveal what they are projecting for next year.

Monday, November 15, 2010

MPF E-Newsletter - November 2010

Yesterday, we distributed our monthly MPF E-Newsletter to over 5,300 law firm leaders.

It features several recent articles about how law firms are being impacted by the lingering recession. With mounting pressure on in-house legal departments to rein in spending on outside counsel, it looks like smaller and mid-size firms may emerge as big winners at the end of the day.

Click here to download a copy.

If you like what you see, be sure to visit our Website where you'll find dozens of articles, White Papers and other resources on law firm leadership and management.