The 2007 edition of the Juris Law Firm Economic Survey found correlations with per partner income among midrange law firms and those correlations weren’t related to size. It is not how big you are but how you play the game that counts. The highest performing firms pay attention to the numbers. How you do with respect to a few key performance indicators determines income levels for partners. Surveyed law firms in the best performing quartile earned 75 percent more than the next best performing group and 4 ½ times as much as the lowest quartile. The premium for paying attention to key profit drivers is large indeed.
Survey results indicate that midrange firms may be leaving a lot on the table. As the survey editors point out in accompanying commentary, pricing, realization and utilization all leave room for improvement. The editors point out ten observations related to survey results that should be important to every law firm leader and then identify what they consider the best opportunity for increasing partner income.
The survey report covers more than just the numbers. It includes a section on the state of the law firm legal community and includes comments from some of the top minds on law firm management. The survey also collected managing partner answers to a host of questions that identify prevailing practices for a wide range of operational issues.
Survey readers can draw their own conclusions from the survey data, but for many, the most valuable aspect of the 80-page survey report is the commentary from the editors drawing on both the survey data and the experience of the feet on the ground--Juris LexisNexis consultants working with midrange law firms from coast to coast and beyond.
The 2007 edition of the annual survey edition, based on 2006 financial results, is being shipped automatically without charge to those law firms who participated in the survey. Other firms can purchase the new survey for $495.00. Multiple copies for the same law firm can be purchased for an addition of $50.00 per copy. Order your copy of the survey today by calling 877.377.3740.
Morepartnerincome.com is sponsored by Juris®. For information about Juris products and services for increasing law firm performance and partner income contact Juris National Sales Center:
877/377-3740, e-mail info@juris.com or go to www.Juris.com.
Posted
Mon, Oct 29 2007 1:23 PM
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