Preparing for Partnership - A Guide to Achieving Partnership in a Law Firm

Becoming a partner in a law firm is a significant milestone in a lawyer's career, and requires a combination of strong legal skills, business acumen, leadership abilities and a commitment to the firm's success. Preparing for Partnership reviews the essential steps that lawyers need to take to make partnership a reality.

This book outlines the critical factors for success, from building a strong track record to developing a loyal client base, demonstrating leadership skills and meeting the firm's criteria. Contributors to the book discuss how to network and build relationships within the firm, review the financial aspects of partnership, and how to seek feedback and mentorship from other partners.

Preparing for Partnership is an invaluable resource for lawyers seeking to achieve the ultimate career milestone of partnership, and for team leaders and management as they help aspiring partners to prepare. This book will help lawyers navigate the complex path to partnership and realize their full potential in the legal profession.

List of contents

Executive summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ix

About the authors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xv

Chapter 1: What does “partner” even mean? . . . . . . . . . . . . . . . . . . . . . . . . 1

By Michael Roster, former managing partner, Morrison & Foerster's Los Angeles office

Some economic factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Doing excellent legal work matters – a lot . . . . . . . . . . . . . . . . . . . . . . 4

Time to partnership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Your clients are both outside and inside the firm . . . . . . . . . . . . . . . . 7

Some personal factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

In conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Chapter 2: So you want to make partner?

Evaluating your firm's partnership prospects . . . . . . . . . . . . . . . . . . . . . . . . 9

By David Parnell, founder of True North Partner Placement

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Assumptions / disclaimers / expectations / axioms . . . . . . . . . . . . . . 11

Evaluate your readiness first . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Evaluate your firm's readiness . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Your competition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Associate investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Chapter 3: Demonstrating readiness for partnership . . . . . . . . . . . . . . . . . 33

By Jennifer Bluestein, chief talent and HR officer, Perkins Coie

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

Being a great lawyer – excellence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

Have a brand or specialty that sets you apart . . . . . . . . . . . . . . . . . . 34

Self-sustaining network within the firm . . . . . . . . . . . . . . . . . . . . . . . . 35

Understand the business and where you fit in . . . . . . . . . . . . . . . . . . 36

Create a business plan that aligns with the firm's strategy and platform . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

Generating a book of business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

Developing a team, including a lieutenant . . . . . . . . . . . . . . . . . . . . . 40

Firm citizenship – what does it mean and why demonstrate it? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

Chapter 4: Making the choice about partnership . . . . . . . . . . . . . . . . . . . . 43

By Claire Rason, director, Client Talk

Why we must remember it's a choice . . . . . . . . . . . . . . . . . . . . . . . . . . 43

Gender imparity at partnership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

The impact of choice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

Is it about when we have to make a choice? . . . . . . . . . . . . . . . . . . . 47

The confidence factor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

Common concerns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

The fear of business development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

Authentic leadership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

Juggling other commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

“It didn't look like fun” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

Getting to gender parity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

Implications for diversity initiatives more broadly . . . . . . . . . . . . . . 54

Chapter 5: The business and personal traits of a partner . . . . . . . . . . . . . 57

By Pippa Blakemore, The PEP Partnership LLP

Strategic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

Leadership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

Management and business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

Personal traits of a partner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

Chapter 6: Relationships are (the) key to a successful and fulfilled career . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71

By Paul Williams, managing partner, Denver office, Shook Hardy & Bacon

Where do relationships begin? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73

The cultivation of relationships – mutual respect . . . . . . . . . . . . . . . 73

The power and privilege of relationships . . . . . . . . . . . . . . . . . . . . . . . 75

Tending to avoid mending relationships . . . . . . . . . . . . . . . . . . . . . . . 76

It's not too late to identify and build relationships . . . . . . . . . . . . . 78

Chapter 7: The importance of relationships – the seven pillars of development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81

By Pippa Blakemore, The PEP Partnership LLP

Understanding the importance of strong relationships . . . . . . . . . 81

Knowing with whom you should build and maintain durable relationships . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82

The mindset that lawyers need to progress from associate to partner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83

Principles of nurturing relationships . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86

Where to relationship-build to strengthen your future when you become a partner . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86

Appropriate communication . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89

How to turn these contacts into a loyal client base and a strong book of business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93

Chapter 8: Business development for the aspiring partner . . . . . . . . . . . . 95

By Tom Bird, bestselling business author, trainer and keynote speaker

The context of BD for an associate . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95

What clients want over and above the work – the starting point for any BD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97

Key priorities for associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98

What is the “right” kind of relationship to build? . . . . . . . . . . . . . . . . 102

The role of goal-setting in BD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105

Chapter 9: Financial management 101 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109

By Tony Young, partner, and Hung Tran, partner, BDO Business Services

Understanding the drivers of the firm . . . . . . . . . . . . . . . . . . . . . . . . . . 110

Impact of structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111

Due diligence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112

Firm-wide governance and discipline . . . . . . . . . . . . . . . . . . . . . . . . . . 114

Correct management of working capital . . . . . . . . . . . . . . . . . . . . . . . 115

Distribution management and policies . . . . . . . . . . . . . . . . . . . . . . . . 116

Growth prospects and succession . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117

Preparation begets success . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118

Chapter 10: The practicalities and realities of financial management as a partner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121

By Nicky Owen, partner, professional practices team, Crowe UK LLP

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121

Legal background . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121

Reward . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122

Partnership capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123

Statutory accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124

Partnership accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124

Management accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125

Balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125

Partners' accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127

Profit and loss account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128

Management information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129

Demystifying the finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130

Chapter 11: Tax and accounting as a partner . . . . . . . . . . . . . . . . . . . . . . . 133

By Nicky Owen, partner, professional practices team, Crowe UK LLP

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133

How will you be taxed? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133

A partner in a UK LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133

Salaried member rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133

Non-UK LLPs and other types of partnerships . . . . . . . . . . . . . . . . . . 135

Tax rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135

National Insurance Contributions (NIC) . . . . . . . . . . . . . . . . . . . . . . . 136

How you will be assessed for income tax . . . . . . . . . . . . . . . . . . . . . . . 136

What are the taxable profits? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139

Tax administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140

Tax payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141

Late paid tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143

Tax reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144

International matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144

Partnership capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145

Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145

Pension contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146

Chapter 12: Wellbeing and partnership in law firms – challenges and opportunities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149

By Jean-Baptiste Lebelle, head of HR, Allen & Overy

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149

Wellbeing – a continuing challenge for partners in a complex and moving environment . . . . . . . . . . . . . . . . . . . . . . . . 149

Resources and strategies for partner wellbeing . . . . . . . . . . . . . . . . . 152

Wellbeing requires a holistic and multidimensional approach with concrete initiatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154

Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157

About Globe Law and Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159

About the author

By Michael Roster; David J Parnell; Jennifer Bluestein and Pippa Blakemore

Summary

Preparing for Partnership is an invaluable resource for lawyers seeking to achieve the ultimate career milestone of partnership, and for team leaders and management as they help aspiring partners to prepare.

Product details

• Authors: Mark Beese, Tom Bird, Pippa Blakemore, Jennifer Bluestein, Pamela Deneuve, Nicky Owen, David J Parnell, Michael Roster, Deborah Ruffins, Hung Tran, Paul Williams, Tony Young
• Publisher: Globe Law and Business Ltd
• Languages: English
• Product format: Paperback / Softback
• Released: 30.09.2023
• EAN: 9781787429857
• ISBN: 978-1-78742-985-7
• No. of pages: 160
• Dimensions: 234 mm x 155 mm x 14 mm
• Weight: 290 g
• Subject: Social sciences, law, business > Law > International law, foreign law