Do you have what it takes to make Partner?
As associates progress in their legal careers, they often hear that hard work, dedication to the firm, expertise in a particular practice area, and strong client relationships are essential to making partner. However, the journey to partnership involves a lot more than this - an unfortunately, this isn't quite taught in Law School.
Through Executive Languages Global, I've worked with a particular group of such ambitious associates - Mexican Lawyers within global law firms who are trying to define a clear path to their partner track. Then I was struck by an uncanny similarity between the challenges that these individuals face to that of the challenges that professionals of visible-minority groups face within Law firms in North America.
For those of you who don't know my personal background, I grew up in Canada as a first-generation Korean Immigrant. Much of my early years were spent trying to adjust and adapt to my new home, new city, new language and a new culture. Once that was done, the beginning of my professional career was spent trying to figure out how I could thrive in an environment that no one could guide me through. I was a rookie thrown into the higher echelons of banking (Private Wealth) where none of my family members had been in before. I couldn't go to anyone for help either as I felt like that would somehow expose my weakness - it would only confirm what I believed at the time; I am not supposed to be here.
Oh, But I WANTED to be there - This world was so much bigger than the backroom of the drycleaners I grew up in (like all cliche Korean immigrant families, we ran our own business, which was a Dry Cleaners). The growth opportunity for me would be endless in this environment and I knew I had a contribution to make - but how would I go about this? Unable to answer, I followed the "tried-and-true" advice of keeping my head down and "working hard".
The days passed and I grew into complacency. Work became monotonous and I stayed well within my assigned targets. Banking is like any business, not different from Law Firms: We offer solutions tailored to our clients and are compensated accordingly through service fees. I was going through the motions and even grew arrogant enough to think that being here was just "enough". It wasn't until I overheard a conversation by colleagues that wasn't meant for me to hear.
"Oh, she's just a diversity hire"
It was painful and it stung. It was definitely un-called for and would serve as a valid reason for me to go to Human Resources and complain. But it wouldn't take away the fact that I had lost sight of why I came into this world in the first place. I had a clear career goal - when did I start "settling"?
From that day forward, I sat down and devised a plan. Although there are no "partnerships" offered at the bank, you do become a leading banker among your team, which places you at a different earning level. The plan was to develop the biggest business book among all the private bankers within the year.
The following are 6 components that made this into a reality. I closed that year with a business book that surpassed 115% of the same colleagues who snickered "Diversity hire" behind my back.
Generating business for the firm has become one of the most critical factors in making partner. Associates must go beyond merely working on assigned matters and demonstrate the ability to attract clients and generate revenue for the firm. Increasingly, firms are looking at an individual lawyer's ability to generate business for the firm beyond just working on matters given to them. When I was becoming comfortable with given database of clients already doing business with us, I had failed to take advantage of the institutional clients who had several members within their organization who weren't banking with us. I leveraged our brand recognition by naming one client we had within their company to approach others and developed access to their networks who were banking elsewhere.
2. Understanding Law Firm Economics ??
Many associates are unaware of the quantitative elements involved in running a law firm, and these aspects significantly influence partnership decisions. During the middle years of an associate's career, partners are examining that lawyer's billable hours, productivity, the number of clients the practitioner works with, and the profitability of matters being worked on. In my case, I decreased the number of clients worked with but increased profitability per client by focusing on developing relationships with clients with greater possibility of funding. This takes a lot more of your time in the beginning, but it does pay off in the long run as clients want to retain you.
3. Personality and Marketability ??????
Personality plays a vital role in partnership decisions. Partnerships are long-term commitments, so firms will look for individuals who suit their company culture. In most global firms, the most desired personality traits are: proactive, outgoing, open to new experiences and the ability to foster collegial atmosphere. Associates often forget that every client they come in contact with, every opposing attorney or client of an opposing attorney is a contact they're making that may lead to referrals or business in the future.
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4. Finding and Building Mentor Relationships ??????
Mentorship is crucial for young associates on the path to partnership. Women and attorneys of color often face additional challenges in finding mentors and advocates that can guide them through the process. Although mentorship may be tricky in a busy law firm environment, you will have to size up who could speak for you in a room full of decision-makers. If you're solely seeking a mentor you can go to for career advice, it might also be helpful to develop outside relationships. My mentor was an older female client I met in the process of amplifying my business book, who previously worked in a hedge fund and was around my age when she started her career.
5. Emphasizing Business Development Early ??
Associates should start thinking about business development from an early stage. Developing business connections and becoming a "go-to" expert in a specific field can significantly contribute to an associate's chances of making partner. Most lawyers choose the option of teaching courses at Universities, but this can be time-intensive to do while working full time. In my journey to expanding my client portfolio, there was one public speaking gig I did that created unexpected results. I had taught a classroom of Junior-high students on personal finance and received a phone call from the parents that week. Apparently, their empowered son (who now had unlimited financial knowledge, he though), kept badgering them about their personal finance practices.
6. You will grow as big a your environment ??
Large and small firms have distinct advantages and disadvantages. Larger firms offer greater variety in experiences, practice areas, and global opportunities, but competition for partnership slots can be fierce. Smaller firms provide a more personal atmosphere, shorter partnership tracks, and more individualized evaluation of potential partners rather than just looking at numbers. However, there is one downside to working in smaller law firms - it often takes on the personality & image of the founding/managing partners. If you don't fit into that image, it could be just as difficult to make partner in a small law firm as a global one. Global law firms operate businesses in multiple locations and deal with clients with diverse backgrounds; which means you'll have a better chance of being able to market your background as an asset to the firm.
The path to partnership is challenging and requires more than just legal expertise. Young associates must focus on developing business skills, understanding the economics of their firms, building strong mentor relationships, and showcasing their marketability. Of course, this is easier said than done; which is why I have a program ready-made for Lawyers at Executive Languages Global , based on the last 5 years of working with Legal & Finance professionals navigating their careers in global business environments.
They say only 5% of associates make partner in their firms. Not because it's excruciating difficult, but because of the 95% that either don't know how, aren't qualified or give up before they get one step closer.
That would have been my story - just another diversity hire that gave up.
But I refuse to let that be my story and I don't think you should either.
* If this article was helpful - feel free to repost or send to your colleagues!
Coco