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.