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:

1. 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.

2. Clients are also embracing firms that has demonstrated efficiency and have adapted their model to reflect changes in market

3. Firms that are struggling are those that don’t have a strong brand or haven’t made the adjustments needed in the current market

4. Major impact on expense line: looking at staffing model and making it as productive as possible

What is in store for 2015?

1. Demand will improve

2. Careful management of headcount growth will continue to be a focus

3. Excess capacity is expected to decline

4. Revenue growth will be stronger with mid-digit growth likely

5. Expenses are expected to increase at a slower pace than revenue, as firms bring laser focus to efficiency and expenses

6. 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.