ALM/Altman Weil Research Survey Finds Strong Dissatisfaction with Law Firm Practice Group

By: Legal - Law News

Despite the time and money invested in their practice groups, more than half of law firm managing partners and executive directors surveyed rate overall practice group performance as average or worse, according to a new study released today by ALM Research and Altman Weil, Inc. When asked to rate their groups on the ability to market, develop new business and cross-sell other practices, fewer than 20 percent of firm leaders rated their groups as “excellent” or “very good” on any one of those measures. More information is available at www.almresearchonline.com in the ALM Research Publishing section.

The Law Firm Practice Group Management Survey reports on practice group structure, performance, operations, leadership, administration, and marketing. It is the first formal benchmarking survey of law firm practice group management to be published in the U.S.

Practice group operations show surprising deficiencies according to the survey. More than 40 percent of groups surveyed report having no business plan, and more than 60 percent have no group marketing plan. Only slightly over one-third of responding groups meet on a regular monthly basis. Practice group leaders appear to have an important job, but little direction, limited professional support, and almost no training according to the study.

“Practice groups are the key strategic business units of law firms, and truly effective groups can create a big competitive advantage for their firms. These survey results show that the field is wide open for law firms that are willing to train their practice leaders and give them the resources they need to succeed,” said Marci Krufka, principal of Altman Weil, Inc. and chief author of the study.

“For the first time, law firms can compare their practice group performance against legal market benchmarks and develop best practices for their groups using this research. Firms will also benefit from the specific recommendations for enhanced performance included in the report,” said Ellen Siegel, vice president of licensing, business development and research at ALM.

ALM Research is a leading provider of business intelligence for and about the legal market. ALM Research offers detailed business information for and about the top U.S. and international law firms. The division’s ALM Research Online (www.almresearchonline.com) Web service provides subscribers with direct, on-demand access to ALM’s extensive database of surveys, rankings and lists related to law firms and the legal industry. The site also includes the ALM Research Online store where non-subscribers can purchase and download pre-formatted individual law firm reports, selected current-year survey data on an individual basis, and ALM Research reports.

About ALM

ALM is a leading integrated media company, focused on the legal and business communities. ALM currently owns and publishes 33 national and regional magazines and newspapers, including The American Lawyer, Corporate Counsel, The National Law Journal and Real Estate Forum. The company is one of North America's largest producers of conferences and trade shows for business leaders and the legal profession. ALM's Law.com is the Web's leading legal news and information network, while ALM's GlobeSt.com is the Web's leading information source for commercial real estate professionals. Other ALM businesses include book and newsletter publishing, court verdict and settlement reporting, production of professional educational seminars, market research and content distribution.

About Incisive Media

Incisive Media is a rapidly growing provider of specialist business information, in print, in person and online. Incisive Media operates in four principal markets: financial services, risk management, professional services and marketing services. Incisive Media's market leading brands include Investment Week, Post Magazine, Risk, Search Engine Strategies, Accountancy Age, Professional Pensions, Computing and Legal Week.

About Altman Weil

Founded in 1970, Altman Weil, Inc. provides management consulting services to law firms, law departments and legal vendors throughout North America, Latin America, the U.K. and Europe. The firm advises clients on strategy, practice management, mergers, finance, compensation, marketing and leadership development. Altman Weil Publications, a division of Altman Weil, is known for the many legal economic and management surveys it conducts and publishes.