February 4, 2008
Management Priorities for Managing Partners
Tom Collins sent the following comments regarding managing priorities:
Managing partners appear to have their priorities right when it comes to the importance of improving practice management for better financial performance. Across the board by size and by per-partner income performance, midsize law firms place expense management at the bottom of their priorities. The emphasis appears to be on improved business intelligence followed by efficiency improvements. This is how managing partners responding to the current Law Firm Economic Survey from LexisNexis reported their practice management priorities—listed from the most important to the least important:
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Real-time information for fee earners
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Reporting systems
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Budgeting & forecasting
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Benchmarking-competitive intelligence
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Management resources & education
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Case management
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Paperless office
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Expense management
There was little difference in the order of priorities across firm size or by financial performance except that the poorest performing law firms placed budgeting and forecasting as their top priority and ranked management resources & education next to last in importance. Could their lack of emphasis on “management” explain why that 25 percent earned only one-fifth of the per-partner income of the top performing firms? You bet!
The 80+ -page latest edition of The Law Firm Economic Survey identifies ten important findings that every law firm leader needs to consider in their planning. The Law Firm Economic Survey has been provided to participating firms without charge and is available to others for $495.00. Additional copies for the same firm are available for $50.00 each. To order, contact the Juris National Sales Center at 877/377-3740.
Morepartnerincome.com is sponsored by Juris®. For information about Juris products and services for increasing law firm performance and partner income contact Juris National Sales Center:
877/377-3740, e-mail info@juris.com or go to www.Juris.com.
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