Managing Partners Forum

The exchange of practical ideas and hearing success stories from other managing partners is what I liked best. This program could have easily lasted two days.

David W. Proctor, Esq.
Hall Booth Smith - Birmingham, Alabama

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The Law Firm of the Future

Our popular MPF Webinar Series - “The Law Firm of the Future” - is presented on the third Wednesday of the month to help firm leaders look beyond COVID-19 toward a long-term, proactive, forward-thinking, and strategic approach to the firm and the practice of law. These 60-minute Webinars are complimentary for our readers. The on-demand recordings and handout mateirals are listed below.

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Trends in Law Firm Compensation Systems ** NEW **
by Managing Partner Forum with Uri Gutfreund and John Remsen, Jr.

An MPF Webinar Originally Broadcast on March 20, 2024

During the session, we presented 20 rapid-fire live polling questions on issues related to compensation for equity partners/shareholders. One-hundred sixty-five (165) managing partners and law firm leaders participated, with eighty percent (80%) of them leading law firms ranging in size from 25-100 lawyers. Here are some of our findings:

  • Thirty-three percent (33%) report that their firms have made “significant changes” to their compensation systems in the last five years.
  • We find a major trend toward more objectivity in compensation systems, with forty-two percent (42%) reporting more objectivity in their systems. Twenty-nine (29%) report “somewhat more” objectivity. Thirteen percent (13%) report “significantly more” objectivity.
  • In addition, there is an even bigger trend toward more transparency in compensation systems, with fifty-eight percent (58%) reporting that their compensation systems have become more transparent. Only three percent (3%) report less transparency.
  • Compensation systems are placing more weight on collections and origination credit. Thirty-one percent (31%) report more weight assigned to collections, and twenty-seven percent (27%) reporting more weight for origination credit.
  • Firms are placing much less weight on seniority, with fifty-seven percent (57%) so indicating. Leadership and firm-building contributions are lightly weighed in most firms.
  • When it comes to origination credit, thirty-nine percent (39%) say it is “heavily" weighted. Twenty-two percent (22%) say it is "very heavily" weighted. On the other hand, nine percent (9%) say that they do not track origination credit.
  • Seventy-two percent (72%) say that their firms encourage sharing origination credit, but only nineteen percent (19%) have firm policy in place. Most firms leave it to the lawyers involved to hash it out.
  • Thirty-six percent (36%) of firm leaders report that the Executive or Management Committee sets compensation in their firms. Thirty-two percent (32%) say their firms have separate Compensation Committees.
  • Forty-two percent (42%) say that top performers are undercompensated. Eighty percent (80%) say that chronic underperformers are overcompensated.
  • Generally, firm leaders report that seventy-eight percent (78%) of their firm’s equity partners/shareholders are satisfied with their firm’s current systems. 

Click here for On-Demand Webinar.
Click here for Handout Materials.
Click here for Highlights and Recap by 9Sail.

 

 
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Creating an Ownership Mindset Among Your Partners
by Managing Partner Forum with Sharon Meit Abrahams and David Lackowitz

An MPF Webinar Originally Broadcast on February 21, 2024

As always, the session was lively, entertaining, and showcasing timely benchmarking information about our topic. Seventy-five (75) managing partners and law firm leaders participated, and here are some of the things we learned:

  • Young lawyers want to know the path to become an equity partner, yet in seventy-one percent (71%) of participating firms, the path to partnership is unclear.
  • Not all lawyers in private practice strive to become firm owners, and seventy-three percent (73%) of firms have implemented multi-tiered partnership structures.
  • Sixty percent (60%) of firms say that more than half of their current equity partners do not exhibit "ownership mindsets" and behaviors. 

How does your firm deal (or not deal) with it?

Click here for On-Demand Webinar.
Click here for Handout Materials.
Click here for Highlights and Recap by 9Sail.

 
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Improving Your Law Firm's Profitability in 2024 and Beyond
by Managing Partner Forum with Bill Josten and Steve Mabey

An MPF Webinar Originally Broadcast on January 24, 2024

Our guest speakers were Bill Josten, Legal Marketplace Innovations Strategist of Thomson Reuters Institute; and Steve Mabey, Managing Director of Applied Strategies, Inc. One-hundred forty-five (145) managing partners and law firm leaders participated in the live session on January 24th. Here are a few things we learned:

  • More than half of firms report that they are increasing rates by six percent (6%) or more in 2024, with ten percent (10%) of firms reporting rate increases of ten percent (10%) or more.|
  • Seventy percent (70%) of firm leaders project “improved financial performance” in 2024 compared to last year.
  • The billable hour remains king, with two-thirds (2/3) of firms reporting less than ten percent (10%) of revenue generated by alternative fee arrangements.

As always, the session was entertaining, fast-paced and full of great data!

Click here for On-Demand Webinar.
Click here for Handout Materials.

 

 
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