The 2015 Law Firms in Transition Survey from Altman Weil was just published. Key findings from the survey shows that:
- Increases in law firm profitability are clearly linked to strategic changes in
lawyer staffing, efficiency of legal service delivery and pricing approaches.
- A high level of decision-making authority conferred on law firm leaders
correlates with better economic performance.
- Overcapacity of equity and non-equity partners, especially in larger firms, is
endemic and a drag on profitability.
- Non-traditional competitors are actively taking business from law firms and
the threat is growing.
- In 63% of law firms, partners aged 60 or older control at least one quarter of
total firm revenue, but only 31% of law firms have a formal succession