What can law firm leaders do to ensure their firms thrive?
In response to our flash survey, we received feedback from Managing Partners, Firm Chairs and C-suite executives from law firms around the country regarding their most pressing issues including:
- The war for talent
- Financial performance and profitability
- Changes in strategic growth strategies and inhibitors to change
- The evolving workspace
- Firm culture and DEI initiatives
- Department and practice group management challenges
- A renewed focus on marketing and business development
- Leadership and client succession planning
- Technology, cybersecurity and innovation initiatives
A Glimpse Into Our Report Insight
- Over 50% of survey respondents said that the possibility of remote work allowed them to consider new hires and new markets that they would not have otherwise as part of their strategic growth plans.
- Nearly 35% percent of respondents said that their firm had decided to have a hybrid work environment permanently.
- Only 20% or respondents rated their Department Chairs and Practice Group Leaders as “mostly successful.”
- Nearly all respondents indicated that they would be raising rates in 2022, many planned to increase rates by six to ten percent or more.
- Over 63% of respondents said that their focus on marketing and business development had increased in the last twelve months.