Pitcher Partners recently conducted our fourth annual Legal Firm Survey. The survey was designed to gain further industry insight and to help firms make informed decisions during times of rapid change.
The major themes emerging from our survey include:
- Profitability appears to be linked to the legal and decision-making structures of firms
- Size of firm, based on the number of equity partners, has impact on profitability in the current market environment
- Revenue increases are not consistently translating into bottom line profit growth
- Regular reporting and WIP reviews appear related to firms with higher profitability
- Documented succession plans are increasing but most law firms are still without one
- New developments in technology are being used to improve the client experience
- The vast majority of law firms’ and their clients’ information appear unprotected against cyber-attack
Download the full report here.