June 30, 2005
2005 Survey of Law Firm Managing Partners
2005 Survey of Law Firm Managing Partners
Conducted by Juris, Inc. and The Managing Partner Forum
SURVEY OBJECTIVES AND METHODOLOGY
Juris, Inc. and The Managing Partner Forum conducted a survey of Juris, Inc. clients’ managing partners to obtain opinions about their firms' growth prospects over the next few years. In addition, we developed questions that would highlight the operating, structural and strategic choices firms have made to drive results. Our intention was to identify issues that might impede their ability to achieve growth objectives, and then use the information to develop products and services to help our clients achieve success.
In analyzing the responses, including comments beyond the survey questions, we compared their stated growth objectives against their emphasis on strategic planning, management focus and governance structure. The survey was targeted at mid-sized law firms. As of May, 2005, 176 firms had responded, of which 50% had fewer than 15 attorneys. Based on our client data, we estimate a large majority of those respondents had between 11 and 15 attorneys. As such, our sample of 176 firms represents approximately 3.5% of all mid-sized US firms and is a representative sample.
EXECUTIVE SUMMARY
· Surveyed law firms are very optimistic on growth prospects over the next three years
· Increasing competition for clients and talent will squeeze margins and put downward pressure on profits per equity partner
· To achieve planned growth while maintaining or increasing profits per equity partner, law firms need to focus on a traditional weakness with more attention on strategic planning and management disciplines
In the coming weeks we will report survey results together with our analyses of those results—including the challenges law firms will face to maintain and increase per-partner income in the years ahead.
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