The quarterly publication of the International Legal Technology Association
Issue link: http://read.uberflip.com/i/34686
Norm: Thank you for joining our session today. I’m pleased to introduce the management team of LawFirm Inc.: Regina Crothers, Chief Operating Officer; Michael Peterson, Chief Financial Officer; and Natalie Chauhan, Chief Information Officer. Their firm just announced record profitability for a U.S.-based law firm. We’ll be discussing how they achieved this impressive milestone and get a preview of their future plans. Norm: Regina, let’s start with you. Can you share a background on the history of your firm’s success? Regina: Thanks, Norm. Our success today has its roots in programs we kicked off 10 years ago. It started when a 100-year old firm, Franklin Peters, elected a new Managing Partner. At the time, Franklin Peters was a 400-lawyer, multi-disciplinary firm with profits per partner of about $500K. In 2010 we faced a legal market that was struggling with historic global economic challenges. The world was only slowly recovering from the Great Recession. Several prominent law firms were failing. There was a glut of lawyers, and firms were not adjusting. And clients were increasingly asserting themselves along commercial themes of efficiency, fixed pricing, transparency and collaboration. In that context, our new Managing Partner brought two qualities to the firm that catalyzed our success over the past 10 years — an innovative spirit and the drive to achieve real change. Norm: Mike, you were very involved in spearheading that change. How did Franklin Peters survive and thrive in this environment? Michael: I’d love to say we were prescient and got it all right, all thanks to the astute analysis of a wise CFO. But, in truth, we benefited from a collaborative client base, a patient partnership and a little bit of luck. And, as Regina noted, the election of our new Managing Partner was critical. Early in 2011, she began a strategic planning process that really provided the blueprint and approach that brought us to where we are today. That effort resulted in a strategy that enabled us to respond directly to the new challenges mentioned. “LISTEN” became our mantra and rallying cry. Norm: Listen? Michael: Yes. See you’re starting to do it already, Norm. Actually, it’s not a word but an acronym that represents a set of straightforward, interrelated concepts we organized around. Peer to Peer the quarterly magazine of ILTA 109