Following his unanimous re-election to a fifth term as CEO, Michael Heller, Executive Chairman and CEO of Cozen O'Connor, spoke with Law360 Pulse about his strategies to overcome the challenges of his last term and his priorities in the coming years.

Pandemic Challenges

Consistent communication from leadership along with the strategic use of financial reserves were key to Cozen O'Connor's successful navigation of pandemic challenges. "I considered it one of my foremost responsibilities to communicate daily with the entire firm," Heller said, aiming to alleviate stress related to the state of the firm. His daily emails to the entire firm provided financial and operational updates, all with levity and humor.

On the financial front, by retaining some of its profits each year, the firm has created a 'rainy day fund' in case of unforeseen circumstances. "That was a significant help when we started in the deep red at the beginning of the pandemic," said Heller.

Major Accomplishments

Cozen O'Connor has accomplished major successes during Heller's latest term, including growing steadily, maintaining firm culture, investing in people and retaining talent, and emphasizing in-person connectivity, mentorship, and training. "We are bringing in a lot of lawyers who have been at other firms and embedding them into our culture," said Heller, "It takes a lot of time, energy, and resources, but it is so critical to the future of the firm."

Coming out of the pandemic, the firm has also continued the hybrid work model, asking attorneys to be in the office three days a week. "We are doing everything we can to incentivize that in-person connectivity," said Heller. Emphasizing hybrid work, social events, and retreats has helped integrate new colleagues while retaining existing talent. With big firms entering the Philadelphia market, Heller said, "I would match our retention rate against any other firms out there."

The firm has also acquired and built multiple unique niche practices that are among the best in the country (such as the state attorneys general practice, the institutional response group, the life insurance and annuities group, and the construction law practice) and developed ancillary subsidiaries (including a governmental relations group, an e-discovery company, and a security company), which has enabled it to diversify revenues and ride out market fluctuations.

The Next Term

Heller's priorities for the next three years as CEO are investing in technological resources, strengthening key markets, and maintaining the firm's core values.

"We want to know how effectively generative AI can improve efficiency within the firm and on behalf of our clients," said Heller. "We are also going to continue deepening the bench strength in our key markets, such as Florida, Chicago, Texas, and Los Angeles." 

You can read the full interview on Law360 Pulse.