Managing Partners Forum

The instant statistical feedback during the Opening Session and the opportunity to share experiences with other firm leaders were great.

David E. Surprenant, Esq.
Mirick O'Connell DeMallie - Worcester, Massachusetts 

Webinars

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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.

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Retention Reality: What Really Matters to Today’s Associate Attorneys  **NEW**
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 chocked full of current benchmarking information. 

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

 

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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.

 

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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.

 

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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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