In new white paper published by Thomson Reuters Legal Executive Institute, The State of Law Firm Leadership 2018, authors Patrick J. McKenna and David J. Parnell delve into what it takes to be a law firm leader today, culling valuable insight from a survey of law firm leaders and identifying some key issues related to the role of being firm chair or managing partner.
The white paper is based on a comprehensive 30-question survey, distributed in June and July to a group of about 300 law firm leaders, many among the Am Law 100 and 200 ranked firms. The data uncovered some surprising and potentially valuable findings, according to the authors.
For example, they found that many leaders of America’s largest firms who are managing multi-million-dollar businesses are too often thrust into the role with minimal planning time and no clear job description. “They’re given next to no formal preparatory training and are expected to either sink or swim,” the authors write. “Further, they’re expected to approach the end of their career with no precise parachute or exit agreement in place when they decide to step down or retire.”
Not surprisingly, the survey found that a majority of today’s law firm leaders — no matter the firm size — see the challenges they are facing as far more complex than even just a few years ago, and a percentage of them reported feeling “almost overwhelming at times.”
You can download a free copy of The State of Law Firm Leadership 2018 white paper here.
Patrick J. McKenna is an internationally recognized author, lecturer, strategist, and seasoned advisor to the leaders of premier law firms. He is the author of eight books, most notably his international best seller, First Among Equals.
David J. Parnell is a legal search and placement professional, author, and speaker. With more than 15 years in the legal search and placement industry, he has worked in-house with major corporations, including both Intel and DreamWorks SKG.