This Year’s COO & CFO Forum Takeaways: Innovation and Opportunities

Last week was the 13th Annual Law Firm COO & CFO Forum held in New York City with the focus on fostering Innovation in law firms.

Some of the keys ideas I walked away with:

  • There are two groups of firms being rewarded: The Go-To firms with excellent reputations whose clients are returning due to the strong brand results.
  • Clients are also embracing firms that has demonstrated efficiency and have adapted their model to reflect changes in market
  • Firms that are struggling are those that don’t have a strong brand or haven’t made the adjustments needed in the current market
  • Major impact on expense line: looking at staffing model and making it as productive as possible

What is in store for 2015?

  • Demand will improve
  • Careful management of headcount growth will continue to be a focus
  • Excess capacity is expected to decline
  • Revenue growth will be stronger with mid-digit growth likely
  • Expenses are expected to increase at a slower pace than revenue, as firms bring laser focus to efficiency and expenses
  • Careful management of equity partner headcount is expected to continue

Overall not a bad assessment of what is happening and pretty good news on what will potentially happen.