The C-Suite Study: Does an Expanded C-Suite Increase Law Firm Profitability?

Source: Colliers International

Foreword

Every law firm C-suite professional knows that lawyers are data driven—and, as business owners, profit driven. If you expect an audience and ultimately a decision from a law firm's attorney leadership team, it is imperative to come to the table with facts. In this study by Anita Turner of Colliers Law Firm Services Group, the data proves what many of us already believed: Professional management of law firms has become a key differentiator for success.

CFOs and CMOs have been making headway in these organizations for the last decade, slowly but steadily proving their value. Not surprisingly, CHROs are becoming more involved in the full "talent" equation for firms focused on client service. And the increase in CIOs and CTOs demonstrates a clear recognition that these professionals are considered critical to a firm's viability as they battle cyber-attacks on their own and their clients' confidential data.

All that said, unfortunately no data exists (at least, to my knowledge) to demonstrate that the key to an effective C-suite is the acceptance of these professionals as a necessary part of the strategic business conversation. Despite employing C-suite professionals, at C-suite salaries, not every firm has embraced the full value of their contribution, still insisting that lawyers know best. The landscape is changing, to be sure, and just as Colliers has revealed with this invaluable report, that change consistently inures to the benefit of the lawyers who own and work at these firms.

Read the full report, THE LAW FIRM C-SUITE STUDY:The Impact of C-Suite Growth in the AmLaw 200, by Anita Turner, Senior Director and Principal at Colliers International (.PDF).

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Amanda K. BradyAmanda K. Brady is the Global Practice Leader of Major, Lindsey & Africa's Law Firm Management practice. Amanda has 15 years of executive and legal search experience, the last 10 of which focused on building executive management teams for AmLaw 100 and 200 firms. She has in-depth knowledge of the challenges the legal industry has faced and the transformations law firms and corporate legal departments have had to undergo to meet changing market demands.

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