As law firms have returned to offices and their balance sheets show increased strength, their leaders have noticed that past agitation over partner compensation has re-surfaced.
The talent market for associates is red-hot. We’re seeing record departures and stories of signing bonuses for second-year associates and clerks. Instead of gearing up your recruiting to fill departures, you may want to examine the ways that associates will make your firm a “Stay Firm”, not a “Go Firm”.
One of your high-performing associates is about to enter her fifth year at the firm. She has asked for a meeting to discuss the firm’s path to partnership. Your partners recently had a meeting about “keeping the keepers” so you want to be ready. Here are five questions you may have to answer.
American Lawyer Top 100 rankings are announced. Headlines like “30% Profit Increase at Firm Despite Pandemic” appear. And “rumored expensive deals” for lateral partners get favorable attention for the acquiring firm. This drumbeat from the legal press about “top firms” is supposedly a proxy for excellence in law firms, law practices and excellent individual talent. But are these the best measures to help a client or a job-hunting professional decide to choose a “top” firm?
In the first two months of the year, your firm admitted a new class of partners. You’re confident that they are the “right stuff” for the firm. They are productive, knowledgeable associates who can produce revenue at partner rates right away. But are they ready to be owners? Unless your firm has a robust new partner development program, the answer is “We hope so” at the very best.
In BigLaw firms, or in any firm with multiple associates, an assignment of work by a partner or senior associate, is a signifier of many things. To the management committee, it signifies leverage.
We all hope the tide will come back shortly after reopening. A candid review of your crisis response and tweaks to your compensation will demonstrate leadership and stability.
Effective meeting organizers will get ahead of tech-challenged users, set timed agendas, start on time and follow proven protocols for efficient meetings with remote work forces.
Which leadership style is more effective: consensus or command? It depends on the circumstances and the individuals involved.
Election season has begun in the United States, far too early compared to most countries. The competition for leadership makes me think of leadership contests in law firms. Imagine that the term of your managing partner has expired and two candidates are standing for the post. Though campaigning is unseemly and brief, the contrasting positions […]