Allison Murdock, Stinson.

When Allison Murdock finally takes the helm at Stinson next year, the Am Law 200 firm will be in the middle of charting out its future.

Stinson announced May 11 that Murdock, who has served as the firm's deputy managing partner for the past 10 years, will succeed Mark Hinderks as managing partner July 1, 2021. The firm's board of directors unanimously elected Murdock to the position on May 8. She will be the first woman to serve as managing partner.

Murdock's ascension to the role will occur at about the same time the 400-lawyer firm is expected to begin crafting its next strategic plan. The prospect of taking the lead at that time is "incredibly exciting," Murdock said.

"I think it's very important for a new managing partner to be looking at a strategic plan and the strategic planning process in any event. It just so happens that, in this instance, it coincides with the life cycle of our other strategic plan," she said.

That plan will spell out the firm's ambitions for growth. Murdock said Stinson is looking to expand its ranks across its 13 offices and is eyeing other markets to expand into. Murdock said the firm wants to branch further out of the I-35 corridor—an interstate highway that stretches from Texas to Minnesota—and open offices on either the West or East Coast. The firm currently has 27 lawyers in its Washington, D.C., office and only one partner in New York.

"We've got a lot of clients with needs on different coasts. I'm sure at least a presence on the coasts will be a part of what we're looking at, and where exactly, whether it's east or west, has yet to be determined," Murdock said. "That's something I would want to talk to our board about."

The firm's announcement about Murdock's election comes as the entire U.S. legal community is grappling with the economic effects of the COVID-19 pandemic.

Although Stinson is in good financial health, Hinderks said, the firm has temporarily reduced the monthly draws for its board of directors and the managing and deputy managing partners by 30%. All other equity partners saw a 25% reduction in their monthly draws. Stinson has also temporarily cut the monthly compensation of its c-level staff by 20%.

The goal is to build a safety net at Stinson so no one is laid off or furloughed, Hinderks said. At this point, the rest of the firm's employees have not seen any cuts to their compensation.

"We felt like the persons who benefit the most from a good year should be the first to step up and help us through the uncertainty of this year," Hinderks said. "That's all we've done so far. Even that may not have been necessary."

In 2019, Stinson saw its overall revenue grow by 2.3% to $269 million. The firm's head count stayed relatively flat, with the addition of just two lawyers to their overall ranks. Both Hinderks and Murdock expressed satisfaction with the firm's financial performance last year.

2019 was also the year Stinson legally changed its name and rebranded itself—it was previously known as Stinson Leonard Street.

Hinderks, during his 11-year tenure, oversaw the merger of the legacy firms that created Stinson: Kansas City, Missouri–based Stinson Morrison Hecker and Minneapolis-based Leonard, Street and Deinard. According to law firm consultancy Altman Weil, the Stinson Leonard Street deal was the largest merger deal announced in 2013.

Because of the firm's experiences with mergers, Stinson's partners are "very amenable to growth by merger, with the right candidates," Hinderks said.

Hinderks said he is not immediately retiring from Stinson once Murdock takes his place. He said he believes there are other areas of the firm he could help out with. But at the age of 64, Hinderks said it is not time to rekindle his litigation practice.

Unlike other law firms where managing partners juggle their practices with their responsibilities to the firm, Hinderks and Murdock are full-time in their positions and do not have separate practices.

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