Most large law firms establish revenue growth as their top priority, but many are failing to recognise the importance of monitoring the loyalty and satisfaction of their clients, who ultimately produce that revenue, found the report by LexisNexis and ALM Legal Intelligence – reported by the Am Law Daily.

Strategic changes

The report – which surveyed the views of 79 leaders of the country’s top 200 firms -- paints a mainly pessimistic view of large law firms, with many failing to develop plans to assess profitability or make strategic changes despite 96 per cent of respondents indicating they will make lateral hires over the next two years.
‘The level of commitment leading law firms are showing to strategic planning is moving in the right direction, but the rate of substantive progress is still frustratingly slow,’ the report states. ‘There is genuine cause for concern.’

Leveraging relationships

Philadelphia-based Dechert is cited as one firm with a plan to get its lawyers focussed on business issues. The researchers point to the firm’s appointment of a consultant to produce a five-year business plan and generate monthly reports to monitor productivity and timekeeping.
‘Some of them make the transition right away; they get it, and fundamentally know how to leverage client relationships, identify cross-sell opportunities and easily win new business,’ David Cybulski, Dechert's director of business, said in response to the survey. ‘For others, it takes a little more work and effort. We try and make it as easy as possible for everyone because in the end we all have a role to play in the sales process.’