January/February 2020

Finance

My Year-End Interview With Your Managing Partner

Peter Roberts

I can’t meet every firm’s managing partner individually at the end of the year. If I could, I would stress the importance of revenue capacity, pipeline reports and succession plans. The meetings would likely sound something like this.

LP: Thank you for accepting my request to meet with you to discuss your financial results for 2019. What a year it was in terms of politics and trade disputes. I hope it was a good year for your clients and your firm.

MP: Yes, it was a fairly good year for us. Our practice areas include clients that are entities as well as individuals. The trade disputes have not affected our clients’ markets. Our revenues increased by 6 percent, and we realized an increase in net profit. But both numbers were below our budget. We have a major contingent fee matter that we thought would mature in 2019. We have a heck of a lot of time in that matter!

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