Managing partner Bruce Chapple breaks down how US tariffs uncertainty affects client needs
After a year of rapid expansion, McMillan LLP is shifting its focus toward sustainable growth, says managing partner and CEO Bruce Chapple.
Following a 10 percent increase in 2024, the firm plans to expand at a more measured pace.
“Ten percent was a lot in one year, and I'm very happy about that. I'd be happy with 10 percent over the next two years,” Chapple says, adding that well-integrated growth is key to long-term success.
Hiring the right people is crucial to the firm's expansion and its integration process, Chapple says.
As managing partner, he plays a hands-on role in hiring, particularly at senior levels.
“We have a talent map identifying where our needs are most pointed. And so, if someone comes along where we have a high need, we’re going to act more quickly… I work with our recruiting team figuring out how we can go after those high-need areas,” he says.
Chapple says he actively participates in interviews for equity partners and senior counsel.
"Of the 40 lateral hires from last year, there were probably eight to ten where I had a significant involvement," he adds.
As managing partner, Chapple remains a practising lawyer, though his workload has significantly scaled back.
Initially planning to dedicate 20 percent of his time to practice, he has found that reality demands even more of his attention elsewhere.
“It's been a very busy start; the firm's been on a great growth trajectory, and we were able to make some great hires last year… All that extra activity has meant that I practiced less than I had expected. So, it’s probably more like five or 10 percent,” Chapple says.
Instead of handling a large volume of cases, he says he focuses on those where his client relationships are most critical.
"I try to pick the spots where it’s important for me to be involved from a business and client relationship point of view," he adds.
Chapple says transitioning from deal-making to firm leadership requires a different approach to measuring success.
While closing deals offer immediate gratification, strategic tasks unfold over months and years, he adds.
"You achieve what the client wanted. It may have taken some very long hours – maybe even an all-nighter – but there's a finale. We got it done… I miss that [feeling] a little bit, but that's why I'm grateful for the opportunity to continue to practise," he says.
Now, as managing partner, he says his sense of accomplishment comes from watching the firm grow and seeing others succeed.
"I've always been energized by the success of others… watching people grow, watching them win clients, is really exciting for me," he says. "I feel like we're on a road where we're getting somewhere good."
With businesses facing growing uncertainty over tariffs, Chapple expects a shift in demand for legal expertise. Some practice groups could become busier, while others may slow down.
Trade lawyers are at the forefront, he adds.
"We didn't know quite how dramatic the story would be, but we've been anticipating that there would be trade trouble. So, our trade group is very strong,” he says.
He adds that tariffs could boost demand for tax and employment lawyers, as well as commercial advisors and litigators.
Meanwhile, traditional M&A lawyers may see a slowdown as uncertainty makes companies hesitant to buy or sell businesses, Chapple says. He adds that corporate finance and capital markets teams could also feel the effects of a slowdown.
However, he says lawyers specializing in acquisitions of struggling companies – the so-called distressed M&As – may see more opportunities as financially strained businesses seek buyers.
"If a particular lawyer has more connections with the risk takers, they're likely to get more phone calls,” Chapple says.
Chapple credits his previous role as chief firm integration partner with preparing him for the demands of managing the firm.
Tasked with bringing together teams after a large-scale merger in 2014, he says he learned firsthand how to improve collaboration across offices and practice groups.
“A lot of it came down to communication and information. Once you have that, you can collaborate better, pursue opportunities more effectively, and realize what clients need,” he says.
That experience, he adds, now helps him prioritize where he can add “the most value for the firm."
