Preparing New Partners
Picking the Right Partner Is Not Enough
- A law firm's long-term success is directly related to the success of new partners. Firms spend years identifying, developing and selecting new partners. Why stop the attention once they become partners?
- The success of new partners is substantially enhanced if they know the changes that will affect their work and financial lives.
- The sooner new and prospective partners understand financial and interpersonal issues, the smoother will be the transition from associate to partner.
These Are Profitability Issues
- New partners in most firms are largely unprepared for their new roles.
- They are not told what to expect – financially and psychologically – for monetary and time commitments, stress and internal firm dynamics.
- The results: reduced productivity; longer time to fulfill their spectrum of responsibilities; tensions between new and existing partners; increased stress; questions about their future satisfaction at the firm.
- These concerns apply also to integrating laterals and to the transition from contract to equity partner.
Benefits to the Firm
- Higher productivity for new partners
- More motivation for business generation because partners will understand rainmaking's relationship to compensation
- Increased loyalty to the firm from feelings of trust
- Less tension and conflict among partners (which leads to both higher productivity and a more pleasant working environment)
- More interest in sharpening skills that aid the business of the firm
Benefits to the Individuals
Sharing Information Increases Loyalty
- Ability to plan their finances and anticipate needs
- Increased dedication to developing business and learning the skills needed
- Ability to anticipate work/personal obligations and time allocations
- Ability to make better long-term career decisions
- Better preparation to handle firm internal dynamics
- Increased feeling that the firm cares about them as individuals
What Every Partner Should Know
- How to understand what compensation figures really mean
- No more “salary” – understanding cash flow
- Tax consequences of partnership
- Capital commitment &ndas business owners' responsibilities
- Changes in roles and responsibilities
- Business generation expectations and skills; reputation building
- Client service expectations and skills
- Administrative and governance responsibilities
- How partnership may affect personal life and time management.
- How today's law firm (business) must operate to survive and thrive
How Can Firms Give New and Prospective Partners the Information They Need?
- Hold informational briefings
- Encourage new and prospective partners to ask questions
- Review appropriate information during performance evaluations
- Foster an environment of openness
How We Can Help
Time is at a premium, and it is often difficult for firm management to be as objective and candid as the situation requires when there is a need to address sensitive subjects.
Practice Development Counsel, business development and service quality consultants to law firms, partnering with CPAs and law firm consultants, bring over 20 years of experience and third party objectivity to the orientation of new and prospective partners. With our partnership financial system and marketing and organizational development experience, we can convey the necessary information and its meaning to new partners, counsel and senior associates. The result is more satisfied and productive partners leading to a more successful firm.
“PREPARING NEW PARTNERS: WHAT TO EXPECT”™
We accomplish this through our custom-tailored seminars for new partners. The service consists of three steps:
- A pre-seminar planning meeting to gather information and tailor the seminar to your firm.
- A 2-hour seminar and facilitation on participant concerns.
- A follow-up report to firm management.
We also design and deliver follow up sessions and services.
Alternatively, we provide a full day program.
*CLE credit will be applied for.
Contact Us to explore how this program can benefit your firm.
Preparing New Partners – Transitions »
“PREPARING NEW PARTNERS: WHAT TO EXPECT”sm
is conducted by Phyllis Weiss Haserot, President of Practice Development Counsel, and partners from the Law Firm Group of a regional accounting and consulting firm.