But do you have any portable business?

The Texas Lawyer had an interesting article called How Associates Can Blow the Business-Development Bell Curve. It has long puzzled me how little training is given to associates in fostering and encouraging their business development skills.

After only eight months as an associate, I remember a partner I worked for told me that I should begin thinking about how to bring in new business. The conversation left me with large saucer eyes as I scuttled back to my office to keep my head down and write a memo. I remember thinking, “Is he crazy? My knees still shake very time I enter a courtroom!” A more helpful tactic would have been to actually take me along when pitching new business, so I could see how it was done.

Business acumen and legal skills often do not go hand in hand. Why don’t more law schools offer a course on business development so that associates aren’t kept in the dark, only to realize as partnership nears, that things look grim, very grim.

Here are a few suggestions from the article to get you started:

Tap into your personal network (yes, you have one. I promise). Take a contact to lunch, keep it low-pressure, and mention that you’d love an opportunity to earn their business if the opportunity presents itself.

Ask partners for help and guidance. And do it early! Ask partners how they were able to develop business. And if you have a contact that you want to develop and feel a little out of your league, ask a partner to accompany you on the lunch.

You don’t have to move mountains, just start the climb!

Are You A Partner Contemplating a Move?

Recently, we have seen a surge in the request by law firms for partners with business. Partners with significant portable clients probably will not find it very difficult to transition effectively in a market like this. However, partners with smaller books of business need to convince a firm that they can add future value to the firm and have plans for developing business. If you are a partner contemplating a move, a well written business plan can greatly enhance your marketability. For a link to an article which discusses the key elements of business plans and may help you prepare your own business plan, click here: http://www.bcgsearch.com/crc/partner-business-plans.html

High Demand Should Motivate Partners To Move Now!

Even in these tough economic times, there is increased demand by law firms for partners with business. Why would any partner decide to move to another law firm in such a tumultuous economic market?

First, firms not equipped to withstand this extreme economic downturn will not be able to stabilize and survive. Therefore, it is imperative that partners assess whether or not their current firm is financially sound and will provide the best environment for their clients during the next few years of recovery and beyond. If a partner’s current firm is rapidly declining and is experiencing a high level of attrition and movement at the associate and partner levels, it could be exactly the right time to make a move.

Second, firms are expanding and diversifying their practices to better service their regional, national and international clients, so it is an excellent time for partners to seek out new opportunities at firms that are well positioned for continued growth and expansion and which would provide additional cross selling capabilities, and services to their clients.

Finally, although some firms are downsizing and closing their doors, other firms are expanding, merging and have recently launched new offices. Additionally, many firms are launching new and innovative niche practice areas. Thus, if you are a partner with niche expertise in areas that are or will likely be in high demand during this tough economic cycle, you could take advantage of these new opportunities and actually lateral to a more prestigious firm with a better platform.

Now is the time for partners to evaluate their current position. There are opportunities in every market, whether the economy is good or bad. Partners who can seize upon new opportunities in this down market will have better control of their careers and be in a better position to respond to their clients’ needs.

How Do Women Succeed in Law Firms?

Last week’s Economist (www.economist.com, subscription required) discusses the causes and effects of an every growing female workforce. Women do currently populate equal or greater-than-equal proportions in our universities and workforces at large, and there is much to be said and written about how this apparent equality is changing industry and economy.

From my law firm lens, however, there is still a great deal of progress left to be made, especially among partnership ranks. One of the articles in the Economist stood out. In the opinion piece Womenomics: Feminist Management Theorists are Flirting with some Dangerous Arguments, the author discusses whether women will be more successful running corporations by being like men, or by waiting until corporate culture evolves to recognize those leadership qualities that play more to female strengths (for example, consensus seeking). In the end, the author encourages women to stick to the former. Women are well-advised to take a harder edge, like Margaret Thatcher.

In the law firm setting, it’s easy to point out examples of successful female partners who have risen through the ranks without taking on the traditionally ‘hard edge’ associated with old school male leadership. Having said that, there are a few Margaret Thatchers out there as well. But in order to see more women successful, must we choose one path or the other? I find it depressing to think that the only way we’ll see women in law firm partnerships approaching 50% is for all female lawyers to do their best approximation of a tough-and-tumble men. Is that really what it’s going to take?

Fewer New Partners = Senior Associate Logjam

As firms go through the annual pomp and circumstance of announcing a new class of partners for 2009, one trend is unmistakable — for most firms, the honor roll is getting shorter. Although the press releases and tombstone ads are just starting to trickle out, even a quick perusal of the most recent announcements reveals a fairly drastic reduction in new partner promotions.

Vetting Partner Candidates

The Wall Street Journal posted an article this week about the increased strictness with which corporations are vetting their new hires. While focusing on corporate environments, in particular, the messages set forth in this article are of particular importance in the law firm sector as law firms move away from their traditional “law firm business models” and toward a more “corporate business model.”
Simply put, we are seeing more and more firms adopting a strictly business, bottom-line approach to things. This includes hiring.

To that end, the message we are seeing is that a candidate’s materials (particularly candidates at the executive or partner level) are being looked at much more closely. There is no leeway in resumes for inaccuracies, inadvertent omissions, vagueness, or mistakes. Likewise, in business plans, there is no leeway for promises in lieuof proof of actual business and potential future business.

This is incredibly important for partner candidates who may rely, to their detriment, on old business plans or non-updated resumes during their job search. As firms direct a more focused eye on partner candidates’ materials to set candidates apart, it goes without saying that the most important weapon a partner can have in his or her arsenal right now is a stellar resume and business plan. Any partner that is aware of this fact and takes a few extra days before beginning their search to get their resume, deal sheet and business plan in top form will rise above the pack. For some this is par for the course, for others it’s not, and it warrants repeating.

The National Law Journal seconded The Wall Street Journal article referenced above with some careful words of their own on November 17th. The short message to a long story: The lateral vetting process has become tougher in the down economy as firms want to ensure that they are picking up attorneys at the top of the scale.

Be aware of this fact and respond accordingly. The rules of the game are changing at every level. It’s important to understand the nature of the field you are playing on in 2008 and going into 2009.

Next Stop Partnership

A former candidate of mine recently decided to go on a couple of interviews for positions that had opened up in his practice area. The firm we placed him with several years ago was a terrific choice for him initially. But as his seniority level rose, the size of the practice group and the unclear path to partnership led him to roll the dice and explore his options. He contacted me for suggestions the factors that should influence his decision making process at this stage of his career.

The biggest difference in the present is that any move he makes now will be his last stop before partnership consideration. That makes for an entirely different equation than the one we applied when he was a mid-level. For those of you that are senior associates, lateral partners or in between, here are some suggestions and questions you can use as a filter in your search process:

First, run the most thorough interview process you can, seeing several firms if possible. If you have the luxury of multiple opportunities, educating yourself on what is out there will add to your peace of mind whatever you ultimately conclude. It is in everyone’s best interests for you to make the most informed decision you can. Be forthright with prospective firms about your timeline and desire to find the best fit for your next professional home. When you put it in those terms, there generally is no problem.

Once you are ready to make a decision about an offer or offer(s) ask yourself the following and if you are working with a good recruiter, you already have the answers to the majority of these questions. Revisiting them once your options are more clearly defined can be very useful in making a decision:

How many partners have been made in the practice group in the last few years? (If the group is new or small that should be taken into consideration.)

Who else will be up for partner at the same time as you in any offices where they have attorneys practicing in the same specialty as you?

Historically, what is the track record over all of lateral attorneys being made partner or moving from non-equity to shareholder status?

How does your practice area fit into the strategic plans of the firm– and what is the focus in general of the firm’s practice? (Is your practice important to the firm? Why?)

What is the billing rate at the firm(s) you are considering? How will it impact your ability to build a book of business or originate work? What about any existing matters that you hope or plan to port?

How will your firm be positioned following the Presidential election? Depending on your practice area, the strengths of your firm, and the outcome of the election, this could have bearing.

When and upon what basis will you be considered for partnership?

What are the hour’s expectations for partners? How are partners evaluated? Is there a buy in?

Is credit given for client origination only, new matters from existing clients, servicing a client, and/or cross selling between groups?

What sort of debt does the firm have?

How are decisions made? Are you comfortable with the management structure of the firm?

Does your firm have a culture and a vision that is consistent with how you view yourself as a professional?

What are the firm’s goals and reasons for wanting to expand an area? Do they make sense and support the strategic plans of the firm?

The final step is to return for a visit to the firm or firm(s) you are most impressed with, offer in hand. Ask to speak with one or two laterals that came in with a similar set of circumstances or seniority level to you (the practice area is not critical for this purpose). Listen carefully to how things have gone for them and ask any questions you held back during the interview process. Look around you—are people smiling? Do they seem to be enjoying themselves? Can you see yourself here?

Things can look very different once a firm has asked you to join them and there is no longer the pressure of being in the hot seat. The post-offer visit can be critical in making the best choice. I am sure some of my colleagues may have additions to this quick list that they will add, but I hope this is useful.

Have a safe Memorial Day Weekend.