The future of law firms requires bold, decisive actions by managing partners who must run law firms as businesses, according to the wide-ranging law firm leadership report “MPF Insight, Re-Envisioning the Law Firm: How to Lead Change and Thrive in the Future.” The paper, which incorporates responses from more than 230 managing partners, examines the state of the legal industry and provides detailed recommendations for ensuring a law firm’s future success in a time of radical change.
“This report is one of the most comprehensive surveys of small and midsize law firm managing partners ever published,” said Terry M. Isner, President of Marketing and Business Development at Jaffe. “Managing partners have to be strategic with thoughtful and deliberately bold actions to remain effectively competitive. It won’t be easy. The report reviews challenges and long-term trends that law firms currently face and provides recommendations for responding to seven key areas, including leadership and governance, problematic partners, succession planning, recruiting, and more.”
A joint effort between Jaffe, The Managing Partner Forum, a community of small and midsize law firm leaders, and TheRemsenGroup, a leading authority on law firm leadership, strategic planning, marketing and business development, the report is based on three themes:
- The law firm must be run like a business (not more like a business, but like a business).
- The managing partner must take ownership of leading the effort.
- Firm owners must take responsibility for embracing, engaging with and implementing the necessary changes for operating like a business.
“Managing partners must exercise strong leadership skills to handle the human element in addition to helming the management direction for the firm,” said John Remsen, Jr., President and CEO of The Managing Partner Forum. “Opportunities abound for firms willing to make the necessary adaptions. This paper can serve as a guidepost for firms that will focus on accountability, adjust and streamline processes, groom their future leaders, and make necessary tough decisions.”
The report sources information from two surveys:
- The Managing Partner Forum Leadership & Governance Survey – 147 managing partners’ responses to a confidential online survey collected in April 2016.
- The Managing Partner Forum Audience Polling Results – input from 86 managing partners who attended the Managing Partner Forum Leadership Conference in May 2016.