WHAT KEEPS

MANAGING PARTNERS AWAKE AT NIGHT

John Remsen, Jr.President – TheRemsenGroup

About TheRemsenGroup Work exclusively with law firms Consulted with over 150 firms since 1997 Marketing Plans, Firm Retreats Client Feedback Programs, Recruiting In-house at two larger commercial firms Frequent speaker and author LMA Chapter President, National Board

About The Managing Partner Forum

Twelve (12) Forums since 2002 Florida, Texas, Southeast, Midwest 450 participants from 375 law firms High level participants Maximum peer interaction State / regional focus

Today’s Session Highlights of 2006 Managing Partner Surveys Characteristics of Today’s Most successful Law Firms Tips for Law Firm Leaders

ASK QUESTIONSPLEASE, ASK QUESTIONS

Lawyer Personalities Hate change Risk averse Highly skeptical Love autonomy Averse to social intimacy High sense of urgency

Source: Altman Weil- Caliper Profile

IT’S LONELY AT THE TOP

2006 MPF Survey Highlights Forums in Atlanta, Palm Beach and Dallas Audience participation technology 90 survey participants Firms with 10-1,500 lawyers 43% had more than 50 lawyers 88% projected “moderate” to “aggressive” growth

Percentage of Time in MP Role

14%

36%

30%20%

Less than 10%

11-25%

26-50%

More than 50%

Job Description

32%

62%

6%

Yes

No

Working On It

Exit Strategy

25%

75%

Yes

No

Most Valuable Contribution

36%

25%

12%

6%

21%

Building concensus

Long-term strategy

Initiate change

Maximize PPP

Day-to-day admin

Where Time is Spent

45%

32%

6%

5%

12%

Building concensus

Day-to-day admin

Initiate change

Long-term strategy

Maximize PPP

How They Learn

34%

25%

13%

8%

20%

On-the-job training

Books and articles

Conferences

Other firm leaders

Consultants

Most Pressing Issue

55%

13% 11%

10%

11%

Profitability

Recruiting & retaining

Succession plan

Compensation

Competition

Best Way to Improve Profits

45%

24%

7%

2%

22%

Increase rates

Marketing

Technology

Divest low profit work

Work more hours

Strategic Plan

43%

57%

Yes

No

If Yes, Does It Guide Decisions?

24%

46% 3%

27%

Almost always

Most of the time

Some of the time

Collects dust

Does Planning Improve Profits?

44%

45%

11%Strong correlation

Some correlation

No correlation

CHARACTERISTICES OF TODAY’S

MOST SUCCESSFUL LAW FIRMS

Characteristics of Today’s Most Successful Law Firms Clear vision among shareholders Strong, committed leadership Planning and implementation Sharing and teamwork among lawyers Cross-selling

Characteristics of Today’s Most Successful Law Firms Subjective compensation systems Leadership succession plans Diverse client base Lots of rainmakers Tackle the tough decisions

TIPS FOR FIRM LEADERS

Be a Passionate and Committed Firm Leader Get a job description Learn from other firm leaders Invest the necessary time Lead by example Find and mentor your successor

Initiate Change Necessary for Long-term Success and Prosperity Identify and tackle the tough issues Find and showcase precedent Build consensus among the key partners Pick your battles carefully

Embrace and Encourage the Planning Process Firm-wide strategic plan Practice group plans Individual lawyer plans Client succession plans Leadership succession plan

Invest in Your Firm’s Future Administration Technology Marketing and business bevelopment Recruiting and retention Non-billable time

Develop and Implement a Client Feedback Program Client site visits (lawyers) Formal client audits Post engagement questionnaires Bring clients into the firm

Promote Internal Communication Internal meetings Intranet Internal newsletter Firm retreats Teams and groups

Tune In to Profitability By client By industry By practice area By office By lawyer

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WHAT KEEPS

MANAGING PARTNERS AWAKE AT NIGHT

John Remsen, Jr.President – TheRemsenGroup