2016
Law Firm
Leaders
Survey Chicago
EXECUTIVE SU M MARY
2016 LAW FIRM LEADERS SURVEY CHICAGO:
MORE LAW FIRM MERGERS AHEAD
41% are open
68% want to
84% say they are
Many expect the
to considering a
double down and
generally optimistic
Chicago market
combination with
grow in Chicago
about their firm’s
to grow more
another firm within
over the next 3-5
prospects this year
competitive for
the next three to
years. Respondents
with some 89%
talent. 73% expect
five years; Within
also want to grow in
planning to raise
a more competitive
that group, 46% are
Southern California
their rates and 86%
market for partner
open to potentially
(24%) and New
expecting their
talent this year and
combining with a
York City (11%).
firm’s Revenue Per
62% expect a more
larger or similarly-
Lawyer (RPL) to
competitive market
sized firm.
increase.
for associate talent
this year.
ABOUT
• Survey respondents included the managing partners and other senior leaders of 37 Chicago law firms ranging in size from 10 to 300 attorneys.
• The objective was to learn about the outlook that respondents have for their firm, including the nature and extent of their growth aspirations.
• The survey was conducted in late 2015 and early 2016.
WHAT FOLLOWS ARE HIGHLIGHTS FROM THIS YEAR’S REPORT.
For more information,contact Kent Zimmermann at 312-810-8008 or [email protected].
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1. Would you have interest in considering a combination with another firm within the next 3-5 years as a way to help your firm achieve its strategic objectives?
41%
INTERESTED
Interested
59%
NOT INTERESTED
Not Interested
0%
10%
20%
30%
40%
50%
60%
70%
2. Of the firms interested in combining, what size of combining firm would you consider?
SIMILARLY-SIZED
OR LARGER (46%)
SMALLER (54%)
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3. Which of the following geographies would you like to grow or add in the next 3 to 5 years?
Chicago, IL
68%
Southern California
New York, NY
24%
11%
Northern California
8%
Washington, D.C.
8%
0%
20%
40%
60%
80%
4. Which of the following practices/ industry sector teams would you like to grow or add in the next 3 to 5 years?
Litigation
59%
Transactional
54%
Real Estate
32%
Other IP (Excluding Patent
32%
30%
Labor and Employment
Healthcare
27%
22%
Patent Litigation
Energy
Tax
8%
5%
0% 10% 20% 30% 40% 50% 60% 70%
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5. When thinking about your firm in 2016, are you?
Very Optimistic
Somewhat Optimistic
Somewhat Concerned
22%
16%
62%
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6. By how much do you expect your firm’s billing rates to increase in 2016?
68%
1-3%
22%
4-6%
Not at all
10%
0%
10% 20% 30% 40% 50% 60% 70% 80%
7. By how much do you expect that your firm’s revenue per lawyer will increase in 2016?
51%
1-5%
30%
5-10%
10%+
5%
14%
Not at all
0%
10%
20%
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5
40%
50%
60%
8. By how much do you expect your firm’s billing rates to increase in 2016?
27%
62%
73%
PA R T N E R S
More Competitive
38%
A S S O C I AT E S
Same or Less Competitive
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ABOUT
2016
Law Firm
Leaders
Survey Chicago
The 2016 Law Firm Leaders Survey Chicago was sponsored by
leading law firm consultancy, Zeughauser Group.
For more information about this survey contact Kent Zimmermann
at [email protected] or (312) 810-8008.
To learn more about Zeughauser Group, visit www.consultzg.com.
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