Results from Withum’s 2023 Law Firm Leadership Survey
What can law firm leaders do to ensure their firms thrive? In response to our annual leadership survey, we received feedback from Managing Partners, Firm Chairs and C-suite executives from law firms around the country regarding their most pressing issues. Dive into our discoveries of the latest legal industry trends as you plan for your upcoming year.
Download our 2023 Law Firm Leadership Annual Trend Report for insights on:
- Firm strategy in a shifting marketplace
- Opportunities for growth in a down market
- Financial metrics
- Leading trends in marketing innovation
- Evolution of succession planning
- AI opportunities
A Glimpse Into Our Legal Industry Report
- Sixty-three percent (63%) of our survey respondents ranked in-person meetings with potential clients as their most or second most important marketing priority.
- There has been a slight increase in the number of law firms that use the alternative fee arrangement system, as seventeen percent (17%) of firms report that AFA's account for at least 50% of firm engagements, up from eight percent (8%) in 2022.
- Seventy-five percent (75%) of law firms stated they are focusing on retaining valued staff through competitive pay, sixty percent (60%) are committed to promoting a healthy work-life balance for employees, fifty-nine percent (59%) will allow for flexible scheduling opportunities, and fifty-six percent (56%) believe that strengthening firm culture will aid in talent acquisition
- Forty-three percent (43%) of survey respondents said that they were in the process of developing their leadership succession plan, while thirty percent (30%) of leaders said they had a written leadership succession plan in place and were implementing the prescribed strategies.
- Thirty-eight percent (38%) of firm respondents stated they expect artificial intelligence to be used to improve firm operations. Forty percent (40%) of leadership responded that they expect to see increased efficiency in repetitive manual tasks.
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