MPF WHITE PAPER - AW 2014 Law Firms in Transition - 10-21-14

More documents

Recommendations

Info

2014 LAW FIRMS IN TRANSITIONOutlook: Planning for the FutureQ:As your firm plans for the future, are you systematically laying the groundworknow for any long-term strategies that will not reach fruition for 8 to 10 years?43.7%Short-term operational planning isalways important. But longer-termstrategies will be needed to respondand adapt to shifting market forcesthat affect competitiveness.56.3%YesNoAn Altman Weil Flash Survey 81
2014 LAW FIRMS IN TRANSITIONOutlook: Planning for the FutureQ:As your firm plans for the future, are you systematically laying the groundworknow for any long-term strategies that will not reach fruition for 8 to 10 years?Sample Comments – No Law firms don't retain earnings and partners want to be paid now, not later, so an 8-10year horizon is difficult to lay groundwork for in anything more than a modest, generalway.Most of our specific planning initiatives are expected to reach fruition within 3 to 5 years orso, but are believed to be essential to our 8 to 10 year time horizon.Our partnership has not embraced the concept of succession planning.No, although many things we are doing will take 8 years to be fully embraced andimplemented like LPM.Not yet but thinking that way. We know we need to.Sample Comments – YesWe do shorter strategic plans because of the economy and the rapid pace of change, butwe do longer planning for demographics issues.Primarily in area of talent development and new partner planning.Identifying next generation leaders; creating knowledge databases.Succession planning initiatives will necessarily have a slightly longer trajectory. Manydevelopment and training initiatives for our younger lawyers should bear fruit for a longtime to come.Changing the makeup of the demographics to include fewer equity partners andassociates on equity partner tracks, and more senior counsel, staff attorneys, paralegals,patent agents, contract attorneys and other less traditional staffing models to meet clientneeds.Plans are being laid by leadership; however, it remains to be seen if they will be embracedby a substantial number of equity partners.An Altman Weil Flash Survey 82
Page 2 and 3:
2014Law Firms in TransitionAn Altma
Page 4 and 5:
Copyright 2014 Altman Weil, Inc. Al
Page 7 and 8:
2014 LAW FIRMS IN TRANSITIONThe sur
Page 9 and 10:
2014 LAW FIRMS IN TRANSITIONfound t
Page 11 and 12:
2014 LAW FIRMS IN TRANSITIONobjecti
Page 13 and 14:
2014 LAW FIRMS IN TRANSITIONThink s
Page 16 and 17:
2014 LAW FIRMS IN TRANSITIONABOUT T
Page 18 and 19:
2014 LAW FIRMS IN TRANSITIONLaw Fir
Page 20 and 21:
Page 22 and 23:
Page 24 and 25:
Page 26 and 27:
Page 28 and 29:
Page 30 and 31:
Page 32 and 33:
Page 34 and 35:
2014 LAW FIRMS IN TRANSITIONEfficie
Page 36 and 37:
Page 38 and 39:
Page 40 and 41:
Pricing StrategiesLAW FIRMS IN TRAN
Page 42 and 43:
2014 LAW FIRMS IN TRANSITIONPricing
Page 44 and 45:
2014 LAW FIRMS IN TRANSITIONPricing
Page 46 and 47:
Alternative Fee ArrangementsLAW FIR
Page 48 and 49:
2014 LAW FIRMS IN TRANSITIONAlterna
Page 50 and 51:
Page 52 and 53:
Page 54 and 55:
Page 56 and 57: 2014 LAW FIRMS IN TRANSITIONPricing
Page 62 and 63: Staffing: Lawyers & Non-LawyersLAW
Page 64 and 65: 2014 LAW FIRMS IN TRANSITIONLawyer
Page 66 and 67: 2014 LAW FIRMS IN TRANSITIONAlterna
Page 68 and 69: 2014 LAW FIRMS IN TRANSITIONAlterna
Page 70 and 71: 2014 LAW FIRMS IN TRANSITIONPartner
Page 76 and 77: 2014 LAW FIRMS IN TRANSITIONLateral
Page 78 and 79: 2014 LAW FIRMS IN TRANSITIONLateral
Page 80 and 81: 2014 LAW FIRMS IN TRANSITIONLaw Fir
Page 94 and 95: 2014 LAW FIRMS IN TRANSITIONAssocia
Page 96 and 97: 2014 LAW FIRMS IN TRANSITIONFinanci
Page 98 and 99: 2014 LAW FIRMS IN TRANSITIONRevenue
Page 104 and 105: Outlook: Planning for the FutureLAW
Page 108 and 109: 2014 LAW FIRMS IN TRANSITIONOutlook
Page 114 and 115: 2014 LAW FIRMS IN TRANSITION2014 Su
show all

MPF WHITE PAPER - AW 2014 Law Firms in Transition - 10-21-14

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?