Steve and Murray go deep with American Lawyer's Patrick Fuller

Steve's Rules with legendary executive recruiter Steve Nelson from the McCormick Group

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

Chapter

1. Steve and Murray go deep with American Lawyer's Patrick Fuller (00:00:00)

2. Government Affairs and Legal Trends (00:00:07)

3. Trends in Legal Industry Data (00:11:29)

4. Law Firm Performance and Profitability (00:18:57)

5. Market Analysis for Law Firms (00:28:44)

6. Analysis of Law Firm Revenue (00:32:23)

7. Future Trends in Law Firm Consolidation (00:45:14)

8. Legal Market Intelligence and Talent Acquisition (00:54:29)