Get ready to uncover the dynamic shifts in the legal landscape with our esteemed guest, Patrick Fuller, Chief Strategist for American Lawyer Media. First, we discussed the ripple effects of recent elections on antitrust, international trade, and white-collar investigations, and even in mergers and acquisitions. Then Patrick provides a deep dive into the data that is being produced by ALM regarding law firm profitability and growth, dispelling some misconceptions about what are the signs of law firm health.

Here are some of the highlights:

• PPL Over PPEP
  Patrick breaks down why Profit Per Lawyer (PPL) is a better indicator of a firm’s financial health than the traditional Profit Per Equity Partner (PPEP). It’s not just about the big numbers—tracking PPL alongside headcount and inflation gives a more realistic picture of growth and success.
• A New Wave of Legal Leadership
  With younger leaders stepping into corporate legal roles, expectations are changing. Law firms need to adjust how they build relationships and deliver services to keep up with these fresh perspectives.
• Succession Planning is a Must
  Planning for leadership transitions and addressing underperformance in senior partners is something many firms are still figuring out. Patrick and the team dig into why this is such a critical—and often overlooked—area for long-term success.
• The Buzz Around Lateral Hiring
  Steve shares insights on the hot topic of lateral hires, especially from government roles. He explains why it’s important to look beyond just the skills on paper and think about whether these hires are ready to rebuild their client relationships.
• Making Clients Stickier
  The group talks about how firms are focusing on institutionalizing client relationships. It’s all about making clients feel connected to the firm, not just an individual partner, to reduce risk and improve stability.

This episode is packed with practical insights and real-world examples for senior law firm leaders looking to stay ahead in a fast-changing market.

A big thanks to Pat Fuller for joining us and sharing his knowledge.

Contact Steve
McCormick Group

Contact Murray
M Coffey

In this episode of Steve's Rules, podcast partners Murray Coffey founder and principal of M Coffey and executive recruiter Steve Nelson from The McCormick Group discuss some of Steve's market updates and then go deep on best practices in legal recruiting agreements.. This episode should be of special interest to those on the law firm side responsible for engaging executive recruiters for lateral placements.

Key Topics:

1. Increased Government Hiring by Law Firms
   Steve highlights the recent surge in law firms hiring from key government agencies, including the DOJ, SEC, and FTC. This trend reflects law firms’ increasing need for regulatory expertise, especially amid policy shifts and anticipated changes from upcoming elections. Steve explains how this affects the demand for experienced attorneys from federal agencies.
2. Employee Benefits Partner Hiring Report
   Steve shares insights from McCormick Group’s new report on ERISA and employee benefits partner hiring. As mergers and acquisitions increase, firms are turning to highly specialized attorneys in this technical area to support complex deal structures. Steve discusses why these roles, though not profit centers, are crucial client retention tools..
3. The "Poison Pill" Clauses in Law Firm Recruiting Agreements
   Steve discusses three key “poison pill” provisions in partner recruiting agreements that can make firms less attractive to recruiters and dissuade them from bringing top talent forward:
   • Fee Caps for Large Groups: Some firms impose strict fee caps on large group hires, which can be problematic if they aren’t consistent with the market for securing these high-value placements.
   • Guarantee Periods and Conflicts: Onerous refund requirements, particularly when partners are forced to leave due to unanticipated conflicts, put undue burden on recruiters making placements less appealing.
   • Non-Recruit Clauses: Blanket restrictions on recruiting, particularly not tied to placements, can limit long-term partnerships with recruiting firms.

Steve emphasizes that balanced, reasonable agreements foster stronger recruiter-firm relationships and ensure access to the best talent.
Bonus Content: Here is a link Steve referenced to the documentary film about his friend and fellow Key West, Florida stand-up comedian Tom Dustin: Portrait of a Comedian

Contact Steve
McCormick Group

Contact Murray
M Coffey

Join us on this episode of Steve’s Rules, where Steve Nelson, Executive Principal at McCormick Group, dives into the evolving roles within law firms, particularly focusing on the rise of professional staff in key leadership positions. We explore the recent trend of hiring COOs from non-traditional backgrounds, such as legal operations, and what this means for the future of law firm management. Whether you're a law firm leader, legal operations professional, or just interested in the business side of law, this episode offers invaluable insights into what’s next for the industry. We will also hear from Steve about what is going on in Washington DC and Texas two of the countries hottest lateral partner markets.

Contact Steve
McCormick Group

Contact Murray
M Coffey