Managing Partners Say Their Lawyers Are Underperforming and Slow to Change
Bloomberg Law reports on a survey of nearly 400 managing partners and chairs, finding that the leaders of Big Law firms in the U.S. don’t seem to be very happy with recent changes — or lack thereof — in their firms.
“In response to survey questions posed by legal management consulting firm Altman Weil, 88 percent of respondents said they have chronically underperforming lawyers, 61 percent said overcapacity is diluting their profitability, and 65 percent said their partners resist most efforts to change how to they do business,” writes Stephanie Russell-Kraft. “This comes at a time when most (72 percent) law firm leaders said the pace of change in the legal industry will only continue to increase in the coming years.”
One of the findings is that business is moving in-house, and managing partners recognize that: 67.9 percent of respondents said they are already losing business to in-house legal departments.