How Would You Answer These Important Law Partner Questions?
I have created questions on various topics for you, the law partner, to consider on law partner moves and departures.
Editor’s Note: Lateral Moves: A Guide for Partners & Law Firms by Chris Batz
Compensation And Economics
Do you feel you are being rewarded for your efforts and business generation on annual basis?
Do you have concerns about your firm’s profitability, declining collections and departures?
Do you like your current compensation system whether formula driven, subjective or both?
Are you incentivized for business development?
Do you feel your firm provides the right cross-marketing opportunities?
How often do you get internal referrals?
Does your firm have mandatory retirement?
Does your firm have an unfunded pension?
Do you have access to the firm’s financial reports?
Does your firm have a closed or open compensation system? Is compensation transparent?
Culture And Leadership
Do you feel your firm treats you like an island?
Are you at a firm that has a different focus than your practice area?
Is your firm an “Eat What You Kill” environment or do they create incentive to institutionalize clients?
Do you feel your firm has a lot of red tape?
Do you feel your firm provides a team environment?
Do you feel your firm has two unspoken classes of partners: the in-crowd and those left out?
Are a select few partners making all the crucial decisions versus firm leadership spread across the partnership?
Platform And Footprint
Do you feel your pond is too small and feel like you are being held back? Or is it too big?
Do you feel your current firm’s platform provides a strong enough breadth of practice areas and locations for your clients both current and prospect?
Have you lost deals and cases because of your current firm’s platform and footprint?
Other Important Questions
Do you feel your firm provides the right support for your practice above you in leadership and below you in associates and staff?
Are minorities and diverse partners treated fairly and equitably at your firm?
Do you know what is in your partnership agreement? Have you read the most recent version?
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For more information on lateral moves, purchase Chris Batz’s Lateral Moves: A Guide for Partners and Law Firms now available on Amazon.
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