Walker Clark
Worldview Archives
Why don’t they want to become partners?
This is not just something that we can blame on "the Millennials."
For the past 20 years, partners from law firms of all sizes, in almost every part of the world, frequently have told me that they can't understand why so many of their best associates and non-equity partners decline the offer of equity partnership.
Your Law Firm’s (Secret) Autobiography
Almost every law firm has some type of "about us" page on its website.
Have you ever considered what an honest "autobiography" of your firm would say?
Of course, it wouldn't be for publication, but it could be more important than what you publish to the world.
Are law firm “partners” obsolete?
In the past few weeks, I have enjoyed stimulating discussions with several Walker Clark clients about whether their law firms should have non-equity partners.
This subject leads to one basic question that has profound implications for many law firms today:
Should we have partners at all?
Should your law firm be thinking about alternative business structures?
The renewed interest in "alternative business structures" (ABS) is not something that applies only to the largest law firms. Given the right regulatory environment, client base, and practice areas, even small firms can realize substantial improvements in profitability and client satisfaction.
However, an ABS might not be right for every firm.
When is enough, enough?
Making a decision to leave your law firm partnership is likely to be the hardest career decision you will ever make.
How do you know when the timing is right, for you and for the firm?
Beware consensus.
Do you and your partners pride yourselves on the fact that "as partners we never proceed unless we have consensus?"
Or that "we have voting rules but never need to use them, because we prefer to come to a consensus?"
So, what does this commitment to consensus actually say about your partners' decision making process, your professional and business culture, and the ability of your firm to adapt to, and respond rapidly and efficiently to, a changing business environment?
Surprisingly, very little and not what you might expect.
The Succession Balance
First-generation law firms face a special challenge when planning and managing the transition of the firm from the founding partners to the "next generation.”
The Risks Within
The critical issues in a governance consultation can present themselves in many forms, such as: an outdated partnership agreement; a failure to think about succession until it is almost too late; disputes over compensation and the respective rights of partners; the absence of the flexible but reliable internal structures needed to manage change.
However, they almost all involve a profound need to identify and manage internal business risks, which are usually more dangerous than anything that the external market can throw at the firm.
What fuels your partnership: trust or suspicion?
Trust is one of the most prevalent governance challenges facing growing professional services firms today.
This is not just a "feel-good" issue or a matter of preserving an artificial collegiality that might have been more characteristic of small law firms one hundred years ago. The level of trust that exists among partners has a direct and measurable effect on the firm's business performance.
