Founded in 1924, Jones Foster has an extensive history in Palm Beach County.

Larry B. Alexander, chairman and real estate practice group leader, introduces you to the law firm, which has 38 attorneys at offices in West Palm Beach, Palm Beach and Jupiter.

Practice areas: Litigation and dispute resolution Real estate Private wealth services Corporate, finance and tax Governmental

What is your governance structure and compensation model?

We understand that our people are our most valuable asset, which is why Jones Foster implements a corporate structure with an elective board of directors. Our structure gives a diverse group of individuals from various practice areas a voice at the table. The board meets regularly to discuss internal issues related to the firm, including strategy, finance, personnel, culture and business development in addition to external factors that affect the future of the organization, such as market conditions, advances in technology and legal industry trends. We have a compensation model based on a base salary with a bonus determined by an elected compensation committee.

Do you offer alternative fee arrangements?

Yes. We offer alternative fee arrangements based on the nature of the matter. Clients demand transparency and cost predictability more than ever and, as a nearly 100-year-old law firm, we must continue to evolve with the needs of our clients as we have for almost a century.

What do you view as the two biggest opportunities for your firm, and what are the two biggest threats?

Our firm's cohesive organizational culture is one of our greatest opportunities. Rightfully so, clients have a growing expectation relative to the brand experience offered and delivered by professional service providers. As such, our attorneys and staff are aligned in their approach to serving client needs. Unlike firms with offices throughout different states, we are able to more easily maintain a collegial, client-orientated culture with shared values encapsulated in unified, standard behaviors. As a midsize firm, our size is also an opportunity. We are a versatile firm capable of handling complex transactions and matters in an efficient and oftentimes more cost effective manner than our larger competitors. Clients demand more frequent and open communication, and our size and structure caters to that need, thus creating solid partnerships.

Finally, we understand the demand for specialization, which we identify as an opportunity for Jones Foster. Our focus is on building on the success of our core practice areas, many of which have served as the cornerstone of our firm for almost a century. At Jones Foster, we are proud of our long-term relationships with clients, colleagues and partners in the community. Nevertheless, the growing competition across virtually all industries presents a challenge moving ahead. We will overcome these challenges by continuing to prioritize our brand essence: going beyond legal services in all aspects of our relationships.

The legal market is so competitive now. What trends do you see, and has anything, including alternative service providers, altered your approach? Is your chief competition other mid-market firms, or is your firm competing against big firms for the same work?

It's true that clients have more options when purchasing legal services and likely have become more discerning in the decision-making process, particularly as it relates to the matters that they look to litigate. An increasing number of disputes are getting resolved before trial, which we see as a positive. Another market trend pertains to a growing emphasis on building and executing a comprehensive brand strategy. The sophistication of legal marketing is evolving as more firms realize the need for the effective implementation of best practices in communicating with their audience.

Our history, reputation and the experience of our attorneys represent a few of the reasons why we compete mostly against bigger firms. That said, due to our location in Palm Beach County, there are also a number of local boutique firms with specific areas of specialty that provide services in high market demand.

There is much debate around how law firms can foster the next generation of legal talent. What advantages and disadvantages do midsize firms have in attracting and retaining young lawyers, particularly millennials?

We are fortunate to attract outstanding young lawyers and attribute much of our success to the size of the firm. As the younger generation becomes more connected, entrepreneurial and independent, Jones Foster looks to empower them to pursue their personal and professional interests and achieve their aspirations. Importantly, the notion of approachability is embedded in the firm culture from generations of greatly respected leaders. Our associates have the opportunity to work closely with senior shareholders and can become high performers by assuming responsibility early in a case. This allows their talent to be recognized and enables the next generation to emerge as a leader. Additional benefits include flexibility, a factor which is weighed heavily by newer generations. As a midsize firm, we have the ability to work closely with each attorney to assess their needs, such as working remotely.

Does your firm employ any nonlawyer professionals in high-level positions (e.g. COO, business development officer, chief strategy officer, etc.)? If so, why is it advantageous to have a nonlawyer in that role? If not, have you considered hiring any?

We value specialization and find that it is crucial to hire talent with unique perspectives based on different training and experience. We employ a number of nonlawyer professionals in the administrative department, including an executive director and director of marketing. Subject matter experts in administrative roles deliver essential advice and implement initiatives based on developments in the market and our firm's objectives.

What would you say is the most innovative thing your firm has done recently, whether it be technology advancements, internal operations, how you work with clients, etc.?

Jones Foster has looked to the future since 1924 and our unique history gives us the momentum to continually drive our business onward. We recently placed a renewed focus on our firm's brand and hired a senior marketing specialist to serve as our director of marketing and provide a fresh perspective on the past, present and future of Jones Foster.

Does your firm have a succession plan in place? If so, what challenges do you face in trying to execute that plan? If you don't currently have a plan, is it an issue your firm is thinking about?

Jones Foster is one of West Palm Beach's oldest law firms, and I have personally been with the firm for over 48 years. While we have a brilliant younger generation of lawyers, it is not unusual to walk into our office and meet veteran attorneys who have been with us for decades, or shareholders who have been an integral part of the firm since graduating law school. Longevity is a recurring theme with our attorneys, staff and clients. As such, we understand that succession plans are crucial to our future. A firmwide plan is under development, and attorneys approaching retirement age produce detailed succession plans, which are key for effective transitions.