What did law firms do that helped them outperform the market in 2020?
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Law firms that posted double-digit gains in 2020 revenue and profits per equity partner had a strategic plan and a commitment to a high-performance culture, according to an analysis by two law firm consultants.
Those two drivers of success were the focus of a Law.com article by Kent Zimmermann and Peter Zeughauser, partners at the Zeughauser Group. The consultants plan a series of articles that address other traits shared by “outperformer” law firms.
Strategic plans typically include “an aspirational but reasonably achievable vision of what their partners want to build together, and clear priorities and goals to get there,” the article said. “In other words, these firms typically have an appreciation for their current market position, Point A; and they have a clear understanding of the market position they are working to achieve, Point B.”