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Law Firm Managing Partners Reveal Their Firms' Most Effective Strategies To Improve Performance

Survey reveals that marketing and business development, and improved billing and collection practices have been the most effective strategies to improve law firm performance during tough economy.

 
PRLog - Jun. 7, 2012 - ATLANTA -- Atlanta – June 7, 2012 – A recent survey conducted by The Managing Partner Forum at its Spring Leadership Conference reveals that smaller and mid-size US law firms are performing well this year, and they anticipate a strong year in 2013. The survey also finds that investments in marketing and business development have been the most effective strategy to improve performance and profitability over the past three years.

The Managing Partner Forum held its 2012 Spring Leadership Conference on April 26th in Atlanta, with 62 managing partners from across the US in attendance. Most led mid-size commercial firms, ranging in size from 25-150 lawyers. Participants were asked a series of questions and provided their answers using audience polling technology. When asked how their firms have performed so far in 2012, 51% said they were having a "relatively good" year, while 15% said they were doing "much better than expected." Looking ahead, 87% forecast a strong year in 2013.

Firm leaders were also presented a list of ten performance improving strategies and asked to rate which ones have been most effective for their firms over the past three years. Two strategies were far ahead of the others:

► Marketing and Business Development
► Improving Billing and Collections Practices

Increasing rates was ranked #3, followed by across the board cost cutting, and improving operating efficiencies.  

"For years, most smaller and mid-size law firms held the belief that marketing was a big firm thing," says John Remsen, Jr, President and CEO of The Managing Partner Forum. "But it now appears that the leaders of mid-market firms have really stepped up to embrace the important role that marketing and business development play in running a successful law firm in this day and age." Remsen also operates TheRemsenGroup, a law firm consultancy based in Atlanta.

Since 2002, The Managing Partner Forum has presented twenty-one (21) law firm leadership conferences in Atlanta, Boston, Chicago, Dallas, Houston, Miami, and St. Louis. More than 750 firm leaders from 625 law firms have participated in previous programs. Registration is now open for The MPF 2012 Fall Leadership Conference, which will be held on October 12, 2012, in Chicago. For more information, visit htttp://www.ManagingPartnerForum.org.

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Source:TheRemsenGroup
Location:Atlanta - Georgia - United States
Industry:Legal
Tags:law firm, management, leadership, Profitability, conference
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