The MPF Webinar Series
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 achieve long-term, proactive, forward-thinking, and strategic approaches to their firms and the business of law. These 60-minute Webinars are complimentary for our readers. The on-demand recordings and handout materials are listed below.
____________________________________
The Latest Developments in AI for Smaller and Midsize Law Firms ** NEW **
by Managing Partner Forum with Anthony DeSimone
An MPF Webinar Originally Broadcast on August 21, 2024
One hundred ten (110) managing partners and law firm leaders participated in the live session, and Tony DeSimone was our guest speaker. As always, we incorporated survey questions and live polling survey into the program. Here are a few highlights:
- Fifty-five percent (55%) of firm leaders said that their firms use ChatGPT on a regular basis. Thirty-three percent (33%) use WestLaw AI, and twenty-seven percent (27%) use Lexis+ AI.
- Fifty-five percent (55%) of firm leaders said that their firms now have written AI policies in place.
- Thirty-nine percent (39%) said that generative AI (GAI) will replace support staff in the future. Forty-six percent (46%) were not sure.
- Sixty percent (60%) said that firms are "behind the curve" in adopting generative AI.
There is no time to waste integrating these powerful new technologies into your law firm!
Click here for On-Demand Webinar.
Click here for Handout Materials.
____________________________________
Performing Due Diligence on Lateral Hires
by Managing Partner Forum with Roger Barton and Michael Ellenhorn
An MPF Webinar Originally Broadcast on July 17, 2024
Our guest speakers were Roger E. Barton, Esq., Founder and Managing Partner of Barton LLP; and Michael Ellenhorn, Founder and CEO of Decipher Investigative Intelligence. Over one-hundred ten (110) firm leaders registered and, as always, we ran surveys and live polling questions on our topic. Here are a few highlights:
- Talent retention is the top challenge for smaller and midsize US and Canadian law firms in 2024.
- In recruiting new legal talent, the competition is most fierce for "Income Partners," ideally with books of business.
- Shockingly, only thirty three percent (33%) of firm leaders say that their firms do an adequate job vetting candidates. And forty-four percent (44%) say that they are not sure.
Bad hires are expensive and distracting, especially for smaller rand midsize law firms. We advise firms to exercise prompt, yet thorough, due diligence when assessing lateral hires. It will significantly improve your firm's growth and prosperity in the long run.
Click here for On-Demand Webinar.
Click here for Handout Materials.
____________________________________
The Latest Trends in Law Firm Technology
by Managing Partner Forum with Darragh Fitzpatrick
An MPF Webinar Originally Broadcast on June 18, 2024
One-hundred twenty (120) managing partners and firm leaders participated in the live session on Tuesday. We invited Darragh Fitzpatrick, Executive Vice President of Tabush Group, to bring us up to speed on law firm technology, especially cybersecurity and artificial intelligence. Here are some of the things we learned at the Webinar:
- “Cyber security” (33%) and “Leveraging AI” (36%) are by far the top IT priorities for smaller and midsize law firms in 2024.
- Most law firm leaders say that their firms' IT teams have “solid” (40%) or “good” (49%) security protocols in place.
- Yet, eighteen percent (18%) of firms report that their firms have experienced a cyber breach.
- Most firms have yet to incorporate IT into their long-term strategic plans, and meet with their IT teams infrequently.
- Security concerns about migrating to the cloud have largely waned, as more and more firms are moving much of their operations there.
- Smaller and midsize law firms have been slow to embrace AI. Only thirty-five percent (35%) report that they have a written AI policy in place. Only nine percent (9%) of firms require training in this area.
Click here for On-Demand Webinar.
Click here for Handout Materials.
Click here for Highlights and Recap by 9Sail.
____________________________________
Retention Reality: What Really Matters to Today’s Associate Attorneys
by Managing Partner Forum with NALP Foundation
An MPF Webinar Originally Broadcast on May 15, 2024
Associate retention is among the top concerns for managing partners and leaders of smaller and midsize law firms, so we invited Fiona Trevelyan Hornblower, Jennifer C. Mandery, and Skip Horne from NALP (National Association of Law Placement) Foundation to join us for this month's MPF Webinar to share findings of its recently published "Stay Study" (3,300 young lawyers participated) and to hear their insights and perspectives. Here are a few highlights:
- Last year, associate retention was the #1 concern for managing partners and leaders of smaller and midsize law firms.
- The billable hour expectation for associate attorneys now hovers at about 1,750 hours per year.
- Compensation, work-life balance and clear career path are the top three reasons associates stay, according the NALP report.
- Firm culture and workplace flexibility are also top reasons associates stay.
- Twenty-nine percent (29%) of firm leaders report that their firms have firm-wide associate development programs in place.
As always, the 60-minute live session was fast-paced and choked full of current benchmarking information.
Click here for On-Demand Webinar.
Click here for Handout Materials.
Click here for Highlights and Recap by 9Sail.
____________________________________
What's Hot (and What's Not) in Law Firm Marketing and Business Development
by Managing Partner Forum with Kevin Iredell and Megan McKeon
An MPF Webinar Originally Broadcast on April 17, 2024
Fresh off LMA's (Legal Marketing Association) Annual Conference in San Diego, we invited LMA President Kevin Iredell, and LMA 2023 Conference Co-Chair Megan McKeon to bring us up to speed on the latest trends and developments in law firm marketing and business development. Here are a few highlights:
- Forty-three percent (43%) of participants indicated that their firms invest 2-3% of revenue in marketing and business development. Industry average for law firms has hovered at 2.5-3.0% of revenue for many years, with a marked shift in how resources are invested.
- Thirty-three percent (33%) say that their firms plan to invest more in marketing/business development next year.
- Fifteen percent (15%) report that their law firms regularly solicit client satisfaction. This is low-hanging fruit, folks! Existing clients are, by far, the #1 source of future business for most law firms.
- Seventy-four percent (74%) report that their firms have established industry-focused practice groups.
- Eighty-one percent (81%) report that their firms provide business development training for their lawyers.
Click here for On-Demand Webinar.
Click here for Handout Materials.
Click here for Highlights and Recap by 9Sail.
____________________________________
Trends in Law Firm Compensation Systems
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.
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.
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.
