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 QUESTIONS PLEASE, 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

Job Description

Exit Strategy

Most Valuable Contribution

Where Time is Spent

How They Learn

Most Pressing Issue

Best Way to Improve Profits

Strategic Plan

If Yes, Does It Guide Decisions?

Does Planning Improve Profits?

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