Altman Weil Survey – Law Firms in Transition

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
    planning process.