Exit Managing Partners Survey 2022 Managing The Firm Question Title * 1. Between June 1, 2021, and June 1, 2022, with respect to attorneys, my firm (choose one): Grew Significantly (more than 10%) Shrunk Significantly (more than 10%) Stayed the same size (only replaced those who left) Grew Slightly (less than 10%) Shrunk Slightly (less than 10%) Question Title * 2. Between June 1, 2022, and June 1, 2023, with respect to attorneys, my firm intends to (choose one): Grow Significantly (more than 10%) Shrink Significantly (more than 10%) Stay the same size (only replacing those who leave) Grow Slightly (less than 10%) Shrink Slightly (less than 10%) Question Title * 3. Between June 1, 2021, and June 1, 2022, has your firm laid off any attorneys? Yes No Question Title * 4. If you answered yes to the previous question, what percentage of total attorneys were laid off: 0-5% 6-10% 11-15% 16-20% More than 20% Other (please specify) Question Title * 5. Does your firm expect to lay off any attorneys between June 1, 2022, and June 1, 2023? Yes No Question Title * 6. If yes, what percentage of the total attorneys will you lay off: 0-5% 6-10% 11-15% 16-20% More than 20% Question Title * 7. If yes, the attorneys that are laid off will be (please choose as many as apply): Non-Equity Partners Equity Partners Associates Of Counsel Staff Attorneys Question Title * 8. Between June 1, 2021, and June 1, 2022, has your firm laid off any staff? Yes No Question Title * 9. Does your firm expect to lay off any staff between June 1, 2022, and June 1, 2023? Yes No Question Title * 10. How has your attorney-to-staff ratio changed in the last year? Increased (with more attorneys per staff member) Decreased (with fewer attorneys per staff member) Stayed the same. Question Title * 11. Regarding first-year associates, did your firm hire for the fall of 2022: More first-year associates than last year Fewer first-year associates than last year The same number of first-year associates as last year No first-year associates Question Title * 12. Did your firm hire contract or temp attorneys in the last year? Yes No Question Title * 13. If yes, did you hire more or fewer than the previous year? More than last year Fewer than last year Question Title * 14. How will your firm employ contract or temp attorneys in the coming year? The same Not at all More Less Question Title * 15. From June 2021 to June 2022, did your firm have non-partner track or staff associates? Yes No Question Title * 16. If yes, these associates (please choose as many as apply): Are billed at a lower rate than other associates Work fewer hours Work only on specific tasks or projects Work only on specific cases Work only for specific clients Other (please specify) Question Title * 17. If no, does your firm expect to create a tier of non-partner track or staff associates? Yes No Question Title * 18. If your firm does have staff associates, do you expect in the next year that tier to: Grow Shrink Stay the same Question Title * 19. Has your firm merged with another firm or firms in the past two years? Yes No Question Title * 20. If yes, do you consider the merger a success? Yes No Question Title * 21. Concerning mergers with other law firms, is your firm: (choose one) Actively seeking merger partners Open to merger opportunities Not interested Question Title * 22. If you are actively seeking a merger, potential merger candidates are located: In Pennsylvania In other East coast cities Beyond the East coast In foreign countries Question Title * 23. If you answered "foreign countries" above, where are you looking? Europe East Asia South America Middle East Russia Australia Canada Other (please specify) Question Title * 24. Between June 1, 2021, and June 1, 2022, has your firm opened one or more new offices? Yes No Question Title * 25. If yes, where? Question Title * 26. Does your firm intend to open one or more new offices between June 1, 2022, and June 1, 2023? Yes No Question Title * 27. If yes, where? Question Title * 28. The areas of law in which you see the most significant growth opportunities are (choose your top three): Banking Cannabis Class-Action Litigation Cybersecurity/Data Privacy Mergers & Acquisitions Criminal/White Collar Litigation Intellectual Property Labor Trusts & Estates Real Estate Public Finance Bankruptcy Commercial Litigation Securities Insurance Litigation Employment Venture Capital/Emerging Business Tax Other (please specify) Question Title * 29. The areas of law in which you see the most significant decrease in growth opportunities are (choose your top three): Banking Cannabis Class-Action Litigation Mergers & Acquisitions Criminal/White Collar Litigation Intellectual Property Labor Trusts & Estates Real Estate Public Finance Bankruptcy Commercial Litigation Securities Insurance Litigation Employment Venture Capital/Emerging Business Tax Other (please specify) Question Title * 30. Your firm's pension plan for attorneys is (choose one): Fully funded Partially funded Paid out of current cash flow Question Title * 31. Does your firm have a non-lawyer administrator/executive director/COO? Yes No Question Title * 32. That person's salary range is: $50,000 to $65,999 $66,000 - $80,999 $81,000-$100,999 $101,000 - $125,999 $126,000 - $150,999 $151,000 - $175,000 More than $175,000 Question Title * 33. Does your firm have a non-lawyer marketing director/CMO? Yes No Question Title * 34. If full-time, the salary range is: Under $50,000 $50,000 to $65,999 $66,000 - $80,999 $81,000-$100,999 $101,000 - $125,999 $126,000 - $150,999 $151,000 - $175,000 More than $175,000 Question Title * 35. Does your firm have a marketing partner? Yes No Question Title * 36. Does your firm have a marketing budget? Yes No Question Title * 37. If yes, between June 2021 and June 2022, what percentage of the firm’s expenses was marketing-related? Question Title * 38. If yes, between June 1, 2022, and June 1, 2023, what percentage of the firms expenses are expected to be marketing-related? Question Title * 39. Please rank these common marketing tools for a law firm in terms of their effectiveness.(Most effective = 1; Least effective = 14) 1 2 3 4 5 6 7 8 9 10 11 12 Branding Branding 1 Branding 2 Branding 3 Branding 4 Branding 5 Branding 6 Branding 7 Branding 8 Branding 9 Branding 10 Branding 11 Branding 12 Media Relations Media Relations 1 Media Relations 2 Media Relations 3 Media Relations 4 Media Relations 5 Media Relations 6 Media Relations 7 Media Relations 8 Media Relations 9 Media Relations 10 Media Relations 11 Media Relations 12 Client Newsletters Client Newsletters 1 Client Newsletters 2 Client Newsletters 3 Client Newsletters 4 Client Newsletters 5 Client Newsletters 6 Client Newsletters 7 Client Newsletters 8 Client Newsletters 9 Client Newsletters 10 Client Newsletters 11 Client Newsletters 12 Brochures Brochures 1 Brochures 2 Brochures 3 Brochures 4 Brochures 5 Brochures 6 Brochures 7 Brochures 8 Brochures 9 Brochures 10 Brochures 11 Brochures 12 Charitable Involvement Charitable Involvement 1 Charitable Involvement 2 Charitable Involvement 3 Charitable Involvement 4 Charitable Involvement 5 Charitable Involvement 6 Charitable Involvement 7 Charitable Involvement 8 Charitable Involvement 9 Charitable Involvement 10 Charitable Involvement 11 Charitable Involvement 12 Trade Publication Writing Trade Publication Writing 1 Trade Publication Writing 2 Trade Publication Writing 3 Trade Publication Writing 4 Trade Publication Writing 5 Trade Publication Writing 6 Trade Publication Writing 7 Trade Publication Writing 8 Trade Publication Writing 9 Trade Publication Writing 10 Trade Publication Writing 11 Trade Publication Writing 12 Cold Calling Cold Calling 1 Cold Calling 2 Cold Calling 3 Cold Calling 4 Cold Calling 5 Cold Calling 6 Cold Calling 7 Cold Calling 8 Cold Calling 9 Cold Calling 10 Cold Calling 11 Cold Calling 12 Firm Web Site Firm Web Site 1 Firm Web Site 2 Firm Web Site 3 Firm Web Site 4 Firm Web Site 5 Firm Web Site 6 Firm Web Site 7 Firm Web Site 8 Firm Web Site 9 Firm Web Site 10 Firm Web Site 11 Firm Web Site 12 Client Surveys Client Surveys 1 Client Surveys 2 Client Surveys 3 Client Surveys 4 Client Surveys 5 Client Surveys 6 Client Surveys 7 Client Surveys 8 Client Surveys 9 Client Surveys 10 Client Surveys 11 Client Surveys 12 Seminars Seminars 1 Seminars 2 Seminars 3 Seminars 4 Seminars 5 Seminars 6 Seminars 7 Seminars 8 Seminars 9 Seminars 10 Seminars 11 Seminars 12 Webinars Webinars 1 Webinars 2 Webinars 3 Webinars 4 Webinars 5 Webinars 6 Webinars 7 Webinars 8 Webinars 9 Webinars 10 Webinars 11 Webinars 12 Entertaining at Social or Sporting Events Entertaining at Social or Sporting Events 1 Entertaining at Social or Sporting Events 2 Entertaining at Social or Sporting Events 3 Entertaining at Social or Sporting Events 4 Entertaining at Social or Sporting Events 5 Entertaining at Social or Sporting Events 6 Entertaining at Social or Sporting Events 7 Entertaining at Social or Sporting Events 8 Entertaining at Social or Sporting Events 9 Entertaining at Social or Sporting Events 10 Entertaining at Social or Sporting Events 11 Entertaining at Social or Sporting Events 12 Advertising Advertising 1 Advertising 2 Advertising 3 Advertising 4 Advertising 5 Advertising 6 Advertising 7 Advertising 8 Advertising 9 Advertising 10 Advertising 11 Advertising 12 Social Media Social Media 1 Social Media 2 Social Media 3 Social Media 4 Social Media 5 Social Media 6 Social Media 7 Social Media 8 Social Media 9 Social Media 10 Social Media 11 Social Media 12 Question Title * 40. What subset of branding is most important to you? Advertising Institutional awareness within the marketplace Logo recognition Web presence Thought leadership recognition Social Media Other (please specify) Question Title * 41. Do you feel the firm's marketing expenses provide a clear return on investment? Yes No Question Title * 42. Comparing your firm's two most recent fiscal years, did REVENUES: Increase Decrease Stay the same Question Title * 43. Comparing your firm's two most recent fiscal years, did REVENUES PER LAWYER: Increase Decrease Stay the Same Question Title * 44. Comparing your firm's two most recent fiscal years, did COSTS: Increase Decrease Stay the same Question Title * 45. Comparing your firm's two most recent fiscal years, did NET PROFITS: Increase Decrease Stay the same Question Title * 46. Comparing your firm's two most recent fiscal years, did PROFITS PER PARTNER: Increase Decrease Stay the Same Question Title * 47. Please rank the following elements in order of importance to your firm's formula for determining partner compensation. (Most important = 1; Least important = 5) 1 2 3 4 5 Billable hours Billable hours 1 Billable hours 2 Billable hours 3 Billable hours 4 Billable hours 5 Rainmaking/Origination Rainmaking/Origination 1 Rainmaking/Origination 2 Rainmaking/Origination 3 Rainmaking/Origination 4 Rainmaking/Origination 5 Cross-selling Cross-selling 1 Cross-selling 2 Cross-selling 3 Cross-selling 4 Cross-selling 5 Profitability of clients Profitability of clients 1 Profitability of clients 2 Profitability of clients 3 Profitability of clients 4 Profitability of clients 5 Contribution to firm management Contribution to firm management 1 Contribution to firm management 2 Contribution to firm management 3 Contribution to firm management 4 Contribution to firm management 5 Seniority Seniority 1 Seniority 2 Seniority 3 Seniority 4 Seniority 5 Question Title * 48. In my personal opinion, I believe first- and second-year associates are: (choose one) Grossly overpaid Somewhat overpaid Fairly compensated Underpaid Question Title * 49. With respect to first-year associate salaries this year, did your firm: Increase Salaries Decrease Salaries Keep Them the Same Question Title * 50. Is your firm able to charge clients for first- and second-year associates? Always Sometimes Never Question Title * 51. Is your firm planning to change compensation models for: Partners Non-partners Both Neither Question Title * 52. Between June 1, 2021, and June 1, 2022, what actions did your firm take to retain profitability levels? Please check all that apply. Reduce Number of equity partners Lay off non-equity partners Lay off associates Lay off support staff Reduce lateral hiring Reduce entry-level hiring Reduce marketing costs Rescind/Defer offers to incoming first-year associates Switch practice focus to higher-demand areas Reduce partner compensation Reduce associate compensation Raise billing rates Question Title * 53. Between June 1, 2021, and June 1, 2022, has your firm de-equitized any partners? Yes No Question Title * 54. If yes, what percentage of the firm’s equity tier was de-equitized? Question Title * 55. Does your firm expect to de-equitize partners between June 1, 2022, and June 1, 2023? Yes No Question Title * 56. If yes, what percentage of the firm’s equity tier do you expect to de-equitize? Question Title * 57. Does your firm have a mandatory retirement policy? Yes No Question Title * 58. Does your firm have a leadership succession plan in place? Yes No Question Title * 59. Does your firm provide leadership training for leaders at any level? Yes No Question Title * 60. Does your firm provide business development training? Yes No Question Title * 61. The American Bar Association and Philadelphia Bar Association recommend that each lawyer work 50 hours of pro bono per year. Between June 1, 2021, and June 1, 2022, did your firm meet that figure? Yes No Question Title * 62. If not, what have been the main obstacles in doing so? Please check all that apply. Increased billable hour equirements/responsibilities Lack of interest in pro bono from lawyers at firm Lack of encouragement/flexibility from management Lack of knowledge of pro bono opportunities Question Title * 63. Compared to 10 years ago, in my personal opinion, the practice of law is (choose one): Less enjoyable More enjoyable Same Question Title * 64. If you believe it is less enjoyable, why? (Choose your top two reasons): Increased economic pressures Increased focus on client development Decrease in attorney professionalism & civility Increased client demands/pressure to lower fees Overall rise in competitive market Other (please specify) Question Title * 65. Does your firm regularly use client satisfaction surveys? Yes No Question Title * 66. If yes, are they (choose one): Oral Written Question Title * 67. If yes, how often (choose one): At end of matter Quarterly Annually Next >>
