Professional Services Accounting ARTICLE -
Share Your Trade Secrets - Giving New Partners the “Skinny” on How to Succeed

Target Audience: Law Firm Professionals, Lawyers, Law Firm Associates, Potential Partner Candidates, New Law Firm Partners, Time Management Interest, Goal Setters, Self-Evaluators

You’ve helped groom your firm’s star associates for years and now you’re ready to reward them for their hard work and commitment by naming them partners. But you know that's only the beginning. Lawyers have many adjustments to make if they’re going to successfully transition from associate to partner.

You can help by encouraging new partners to take control of their long-term success now by setting goals, developing skills, bringing in new business and measuring their own progress.

Training

Being promoted to partner means a lawyer must change his or her mindset about issues that affect the firm’s growth and development of client relationships. It’s about thinking like an owner. So it’s important to train new partners to think and act like owners in everything they do, particularly in the following areas:

Strategic Plan and Firm Management. Don’t leave the task of strategic development to senior partners. Include new partners by coaching them on firm goals, practice group plans and any broad client strategies that are in the works, such as cross-selling the firm’s specialty. Also, address issues affecting firm management, whether it’s associate turnover or aging receivables.

You may need to work with each partner to develop a personal business and marketing plan. The process will help new partners focus on their strengths and weaknesses as they relate to better understanding and serving your clients’ businesses and needs.

Billable and Nonbillable Time. Outline the firm’s expectations of its partners’ contributions outside of billable activities. For example, determine if new partners will be assigned to a firm planning committee, mentoring new associates or pro bono work. Next, spell out how your firm compensates partners for their time in these kinds of nonbillable activities.

Time Management. To avoid burnout, ensure new partners know how to manage their work and personal time. If they are having difficulties in this area, refresh new partners on the essentials of project management skills, teambuilding and delegation. Having a trusted team of associates to support them and developing essential skills will help them preserve their family time and personal life when the pressure is on.

Strengths and Weaknesses

New partners need to understand their strengths and weaknesses. This is particularly important as they develop their respective niches and determine which roles and responsibilities they will undertake to advance their careers and contribute to the firm’s success.

Encourage new partners to be honest with themselves about the areas in which they struggle. Is it time management, delegation, communication, public speaking, leadership or generating business? Once they identify these areas, they can find ways to improve. For example, if a lawyer isn’t comfortable networking but writes well, he or she can author articles for legal journals, thereby increasing the firm’s credibility and visibility.

Rainmaking is typically a challenge for new partners, so be sure peers and senior partners coach all new partners on methods that are in keeping with each new partner’s personality, talent and comfort level. Your firm can also help new partners polish their talents and skills by evaluating their speaking engagements, training seminars and other work.

Setting Goals and Self-Evaluations

New partners should have a good sense of where they want to be in one year and five years. To achieve these aspirations, it’s important that new partners develop goals and write them down. In addition to listing long-term objectives, they should break down these goals into smaller, more measurable ones, such as weekly and monthly assignments. Also, encourage new partners to evaluate their progress regularly.

At some point, new partners may question the value of their work or find it less fulfilling. Teach them to evaluate their fulfillment by asking these questions:

• Am I doing work that’s challenging and satisfying?
• Am I enjoying my relationships with clients?
• Is my participation in outside activities, such as charitable boards or political events, rewarding?
• Am I contributing to the success of the firm?

Answering these questions can help motivate new partners to pursue different kinds of work and clients while challenging themselves to increase performance.

Long-Term Success

The opportunities for new partners to excel and contribute to your firm’s success are endless. Do your part by teaching them to shift their thinking from an associate to that of an owner and implement proactive strategies to help them hone their skills, sharpen their leadership qualities and set goals. This will help put — and keep — your new partners on a path to long-term professional and personal success.

Sidebar: Partnership Track Options

Law firms are changing the road to partnership in a number of ways. For instance, some are lengthening the partnership track to 10 to 12 years to allow more time to evaluate attorneys. The extended period also gives associates additional time to prove themselves and determine if being a partner is right for them.

Other firms are bestowing a “senior associate” title on lawyers who are near the end of their track, qualifying them for potential partnerships. At this point, they’re given additional training to prepare them for the business development and management responsibilities a partner handles.

Nonequity partnerships, also referred to as salaried or income partnerships, are another option. This kind of two-tiered partnership can be transitional or it can be a permanent career option. This model allows a firm to reserve equity status for its top performers.

The traditional single-tier partnership track still remains an important part of many firms’ cultures. Hiring the right associates and investing in their development for the long term is essential in this model.

However you define your partnership track, be sure to include support mechanisms that teach partner-hopefuls early in the process about the role and responsibilities of being a partner and how law firms are managed. These include one-time activities, such as partner orientation and executive coaching, and long-range programs, such as mentoring and partner training and development.

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