The results of our Reader Survey are in and this provides a brief recap of the results…and the announcement of who won the $200 Amex gift card, just in time for last-minute holiday shopping.
The most important aspect of the survey is not, in a way, helping us compile a profile of who you all are; it’s the immensely valuable input you provided in talking about the key challenges confronting your firms in this environment, as well as some nicely phrased observations about “Adam Smith, Esq.” itself. Suffice to say you individually and collectively raised several timely and some unforeseen topic areas for us to pursue in future columns.
First, thank you to all who responded. We’re all under enormous time pressure. That said, 237 of you completed the survey. Our research maven characterized that as a “robust” response.
Some gleanings from the results:
- 86% of responders are from the US. Of the remaining 14%, many precincts were heard from including Austria, Australia, Canada, China, The Czech Republic, Hong Kong, Ireland, Israel, Italy, France, Germany, The Netherlands, New Zealand, Peru, Poland, Russia, Scotland, Sweden, the UK, and–no, we can’t resist– Kazakhstan.
- Among US responders, nearly 45% come from the AmLaw 50, 61% from the AmLaw 100 and nearly 75% are in the AmLaw 200. On the other end of the spectrum, 14% come from single-office firms.
- Again among US respondents: Nearly 10% reported being MPs, Firm Chairs or members of the firm’s management or executive committee. Partners accounted of 31% of responses, associates 39% and “C”-suite professionals nearly 6%.
- In terms of demographics, the median age of responders is 38 years, and median, annual household income is $227,000.
- The male/female split was 87%/13%. (We’d certainly like to improve the balance of that ratio – and if you have suggestions – don’t be shy.)
While we’re at it, here are a few other “facts” about the site. In the year ending November 30, Adam Smith, Esq. generated over 4.5 million page views, or on average over 375,000 per month. This is a 16% increase over the previous 12 months. For perspective, newspaper readership declined 10% in just the six months ending September 30. To say this is gratifying would be our own understatement of the year. And you, dear readers, have made this possible. We humbly thank you.
This survey is enormously important to us at Adam Smith, Esq. Not only do the results provide a clearer picture of the issues you are dealing with, it also offers insights applicable to the legal industry, at large.
Here is more detailed information about you.
Note that all these charts “read” clockwise from noon.
The breakdown of your roles at work. What’s interesting here is the upward skew, towards partners vs. associates and towards members of senior management of firms among partners.
What types of firms you are in. Clearly readers of Adam Smith, Esq. tend to come from larger firms.
Next, the breakdown by practice area. One amusing detail in this chart is that none of you is retired (or willing to admit it):
You are a youngish crowd:
Finally–on the topic of the survey–those of you who responded may recall that we asked you what is “the most pressing/frustrating strategic, financial, or business issue facing me/my firm.”
Here is a highly selective sampling of your responses:
- The firm’s identity. It’s foundational and is showing itself through attorney pay, international expansion and information to partners and associates.
- Not being intentional in thinking about change.
- Preservation of shared values, culture and cohesiveness in the face of relentless expansion and consolidation
- I think you nailed it your recent blog (on laterals) regarding lack of strategy. Law firm partners running a multi million dollar business need to think like executives, not like a frat house brothers. Furthermore, there is oftentimes (probably way too often) a general disdain of creativity, passion, excellence, and ability to question from firm managers. What seems to be solely valued is billings –not even collections! While the “Great Reset” is happening all around, law firms are still not getting how they themselves need to morph/reset into something new, agile, flexible, creative, and compensate accordingly. I sincerely doubt that we will replicate the past with regard to the business of law firms, even if the economy does “come back.”
- Lack of a meaningful strategic plan.
- Integrating multiple divergent practices into a coherent international enterprise. Converting from a loose confederations of lawyers who don’t actually like each other very much into a multinational.
- Surviving a shift to the new reality when we don’t seem ready to do it; getting parterns to be more forward thinking and innovative; moving fast enough to respond to market opportunities
And, now the winner of the $200 Amex gift card…drum roll, please.
We are delighted to report that the winner is a corporate associate in the New York office of an AmLaw 50 firm. We phoned our winner to give him the news and congratulate him, and ask if he could permit us to identify him here on “Adam Smith, Esq.” (We should note that we called around 6:30 on a Friday evening and he picked up his own phone on the first ring.)
He replied, most professionally, that he’d have to check and get back to us. In about five minutes, he phoned back to report that the marketing people would prefer we not identify him. No reason given.
What follows is done without his knowledge or permission and can only come as news to him.
We don’t believe that “no reason” is a good reason, and so we choose to take issue with the good folks in marketing and suggest that you look up a certain associate who’s University of Washington BA in Accounting and Economics, a licensed CPA, and a Columbia Law JD/Harlan Fiske Stone Scholar, where he was also a member of the Columbia Business Law Review.
A worthy winner, we surmise. Marketing support or no marketing support.
Again, thank you for your time and especially the care and thought evident in your responses.
