Success tips for new partners
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1. Understand your clients' businesses and goals to provide proactive solutions. Work to learn your clients' priorities, constraints, initiatives and culture. 2. Embrace your new role as a firm leader by helping accomplish the firm's objectives through improved marketing, practice management, collaboration and training. 3. Identify a niche practice area based on your expertise and industry trends, and market yourself as the go-to expert to build a recognizable brand and make billing rates less vulnerable.
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Success tips for new partners
- 1. SEVEN SUCCESS TIPS FOR NEW PARTNERS
- 2. Clientsexpecttheirattorneystoknowthemandknowtheirbusiness. They want counsel that is not only reactive to issues, but proactive in identifying their needs and proposing solutions to problems that havent yet arisen. Indeed, research indicates that firms that leverage their client research into action enjoy 2.7x returns.1 Make the effort to get to know our Legal Department: our goals, our priorities, our constraints and pressures, our initiatives, and yes, our lawyers and our culture. Work harder at learning to work with us. Anonymous General Counsel2 1 Source: BTI FACT 2015. The BTI Consulting Group 2 Straight from the Horses MouthGCs Say What They Want from Outside Firms Pam Woldow & Doug Richardson, 2014. Edge Consulting US, LLC. As a partner, you now have greater authority to initiate discussions and explore clients needs, objectives and satisfaction. Consider working with your colleagues to survey clients in your practice area, explaining that you want to understand their evolving needs and get their honest feedback in order to serve them better. Research their industry and embrace their business goalsnot just legal issuesas your own. Itisoftensaidthatbeinginlegalpracticetodayislikebeinginastate of perpetual whitewater. The power balance has shifted in favor of corporate clients, with in-house attorneys now more prepared to keep work in-house. Further, they are putting pressure on fees and have begun to disaggregate the services they do outsource. Accordingly, there is continuing pressure on firms to increase the efficiency, predictability and cost-effectiveness of their work. The partners who come out on top are those who work within budgets, proactively anticipate client demands, and develop project management capabilities. Cultivating a style that adapts to and leverages the rollercoaster of industry and client requirements is key for setting the tone as a new partner. CONGRATULATIONS! After years of hard work, youve finally made it to partner. Now that you have achieved your new status, your focus is likely on setting yourself up for continued success. Here are seven tips that will help you make a splash as a new partner. 1 RIDE THE ROLLER-COASTER 2 UNDERSTAND YOUR CLIENT REUTERS
- 3. As a new partner, there will be a greater need than ever to build meaningful and constructive relationships and be a strong ambassador for the firm. Law firm leaders must juggle a delicate balance of judgment, timing, and vision. You now speak for the firm, along with the other partners. Consider the firms goals and how they are articulated, and continuously ask yourself how you can help the firm better accomplish its objectives. How could your marketing be improved? How can practice management be improved? How can associates collaborate better? How can you improve training to get associates up to speed more quickly? Always remain open to feedback, good or bad, from clients and juniors alike. 3 EMBRACE THE ROLE OF FIRM LEADER Determine what you are going to be known for. What is your personal brand in terms of the work you do and how you do it? The more differentiated you are, the more memorable you are. Select a niche based on your knowledge base, factoring in industry trends and competitive factors. The goal is to identify a growth opportunity, then cultivate a precise brand that speaks to the needs of your target clients and demonstrates youre the go-to-expert. Billing rates are less vulnerable to pressure when youre a recognized authority on a specific area, and word of mouth will flow more freely. 5 IDENTIFY YOUR NICHE 4 REFINE THE ART OF DELEGATION An important quality of a leader is knowing when and how to delegate. Now that youre a partner, clients expect you to play a different role in the management of their matters. If your billing rate is higher now that youre a partner, some clients will be concerned about paying you more for the same work you did a short time ago for less. Be clear about the added value youre delivering now that youre a partner, and make sure you are focused on partner-level work. They will now view you as someone who should oversee their cases and delegate to more junior lawyers, while reasonably estimating the time and expense a matter will cost them. Honing these skills will be integral both to minimizing unbillable hours and to growing your clients loyalty.
- 4. ABOUT PRACTICAL LAW Practical Law helps law firms practice smarter, operate more efficiently and better serve clients. From helping a first year tackle a new project, or making sure you have the latest analysis of current market trends, to supporting professional development and knowledge management initiatives, we offer practical legal know-how that helps law firms meet the demands for a more efficient practice. Our law firm subscribers currently include 85% of Am Law 200 firms and hundreds of mid-size and boutique firms. To learn more or request a free trial, call 888.529.6397 or visit www.practicallaw.com I love Practical Law. The quality of the work product as presented by Practical Law is absolutely superior. In particular, the high-quality precedents add a valuable dimension to our own resources. Alan Berkeley, Partner, K&L Gates LLP You have an identifiable niche; now its time to ensure you are recognized as an authority in the market. When the firm circulates their announcement regarding your new role, get them to provide press releases to your town, college, law school and bar association publications, plus local and national business publications where appropriate. When sending materials to clients, tailor the notices to include information about how your new status can help you better serve their needs. Handwrite notes to your personal contacts and follow up with them individually. Since existing clients are key sources of referrals, they will be integral in stimulating new demand for your firms services. Take advantage of social media and ensure your LinkedIn profile is updated to reflect your expertise. Share articles youve written, and consider news-jacking, re-posting articles relevant to your niche with your comments to demonstrate your expertise. Consider becoming more active in key industry groups to elevate you further. Establish how much time you are expected to invest in marketing, pro bono work, bar activities, and any other standards. Other partners will expect you to be actively involved in business development. Take advantage of the information, tools and people at your disposal to keep expanding the salience of your expertise. Build and leverage alliances both within your firm and with other key players in the industry by investing time in industry and networking events. Brainstorm with colleagues about potential sales opportunities and marketing tactics. Identify opportunities to promote multiple practice areas simultaneously, and to cross-sell new expertise to existing clients. Provide and request introductions to clients that might benefit from further support. 6 MARKET YOURSELF 7 LEVERAGE RESOURCES FOR BUSINESS DEVELOPMENT