Are You Ready to Make the Leap to Partnership?

Making partner in a law firm is for many the holy grail, and a big step in term of responsibility and remuneration, but how do you go about achieving this milestone. Immersed in the vibrant legal community of London, I've observed the shifts in the landscape and recognise the importance of a well-planned strategic career move. If you're thinking about the possibility of becoming a partner, here are some key factors to consider.?

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1. Breaking Through Obstacles:?Look around your current firm – do you feel there's an invisible barrier holding you back? Consider if your workplace genuinely promotes career growth and recognises individual contributions. Additionally, reflect on factors such as the last colleague promoted to partner, your position in the pecking order, and the timing of the last lateral hire, as these elements can influence your push for partnership within the firm.?

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2. Building Your Business Case:?You need a compelling business case to make the step up to partner. Look at your client relationships – do you have a strong foundation that justifies your move? Numbers are only part of the picture; share your talent for building and growing business by weaving a narrative that not only showcases your accomplishments, client relationships, but also highlights your entrepreneurial strengths and vision to drive the firm ahead.?

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3. Clients Who Will Follow:?Confidence in your client relationships is key. Assess whether your clients are genuinely yours or if they're mostly tied to the firm. Transitioning to partnership requires assurance that your clients will stick with you. Nurture strong connections, share your vision, and make sure your clients understand the value you bring, independent of your current firm. To get even closer to your clients, consider organising informal gatherings or events that provide a relaxed setting for meaningful conversations, fostering a deeper connection beyond the formal lawyer-client relationship. Before considering a move, take the time to sense-check with your clients, ensuring they would follow you and appreciate the unique value you offer beyond your current workplace.?

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4. What Support Do You Need: On your journey to partnership, think about the support you'd like from a potential new firm. Beyond the financial package, consider if the firm offers mentorship, marketing assistance, and a collaborative environment for your growth. Also, consider how good a fit a firm is for your current clients – will charge-out rates be an issue, and will there be client relationships in the new firm you can leverage? Having a solid support system around you will truly transform how you handle the intricacies of partnership. It gives you the freedom to genuinely deliver top-notch advice to your clients, unburdened by the complexities that often come with the territory.?

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5. Exploring External Opportunities Becoming a partner in a firm is a big commitment and you should at least consider whether your existing firm is the best platform for your business long term. If you have any doubts you should speak with some other firms to ascertain if the grass might be greener elsewhere.?Consider exploring opportunities outside your current firm—it's like opening a door to new challenges, diverse experiences, and unique paths to partnership. Take a moment to look into other firms or legal settings that align with your professional goals. See if making a move could add value to your journey toward becoming a partner. It's about finding the right fit for your aspirations.??

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In illustrating the importance of seizing opportunities, consider the experience of a senior project finance lawyer I recently worked with from a top global law firm. I approached this candidate regarding a retained project for a day one partner position, working directly with the global head of project finance as their number two.?

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The candidate was confident about an impending partnership within their current firm, guided by positive signals from their practice head. Despite possessing a strong business case and support from leadership, the candidate hesitated to explore the external opportunity, as they did not want to “rock the boat”.?

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Regrettably, the candidate politely declined the opportunity, only to later discover that they were overlooked in favour of a colleague with more time served. When the candidate sought to re-engage with the opportunity, the window had closed.?

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Although the candidate missed the initial opportunity, they secured a partner position in a new role 12 months later. This story is a strong reminder that, in the competitive legal market, it's vital to balance caution with a willingness to seize timely opportunities. This really drives home the point that in our fast-paced professional world, it's not just about being proactive; it's about feeling the right moments and understanding the true worth of making timely decisions. It's like catching the wave at the perfect time in the ever-changing sea of opportunities.?

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Closing Thoughts:??

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Stepping up to partner is a big decision that requires thoughtful contemplation. In the changing legal world, the expectations for future partners are always evolving.?Take a moment to reflect on where you stand, assess the robustness of your business case, and think about the kind of support you're seeking from a prospective new firm.?

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Ready to fast-track your career? Reach out, and let’s discuss how I can help you accelerate your path to partnership.?I specialise in first-time partner moves?and am here to guide you on your unique journey to success.?

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Your future as a partner is waiting. With 2024 fast approaching are you ready to make it happen??

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For a confidential discussion, please contact Lee Walker at Chadwick Nott.

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(t) 0203 096 4423

(m) 0786 703 9975

(e) [email protected]