The Strategic Path to Partnership in Legal Firms

The Strategic Path to Partnership in Legal Firms

The path to reach partnership in a legal firm (be that an internal or external hire) is no longer an assessment of just technical skill and past performance. There is now a requirement for most partner appointments to develop a strong business case which should demonstrate an exceptional business mindset, strategic foresight and a well structured and thought through business case to be presented to the equity partnership team.

Taking on a new partner is a significant commitment for any firm and a solid and well thought out business case provides assurance to the partnership team that they are making the right decision. It can also be a great planning tool and structure for the new Partner to focus on in their first 12-24 months in the role.

Lindsey McCracken, Associate Director for Legal Recruitment at Hunter Savage, underscores, "By the time you're prepared for a partner role, the focus shifts from what you've done to what you can bring.  The journey to partnership involves showcasing a blend of client management, client development, people management and strategic outlook”.

Below are some top tips to crafting a compelling business case:

1. Brevity is Brilliance:

Begin with a succinct, one-page talk sheet that accentuates your key points. Incorporate 4/5 engaging visuals with corresponding figures, ensuring clarity without overwhelming with details. Think of it as the roadmap to a more detailed conversation.

2. Financial Forecasting:

Ensure you provide transparent revenue projections for intervals of 3, 6, and 12 months. It may seem daunting, but these projections give firms the assurance of your economic vision and a tangible grasp of financials before deciding on a partnership.

3. Harnessing Existing Relationships:

Existing clients are the lifeline of any firm. Detail your strategies for cross-selling, demonstrating how you intend to deepen and broaden these relationships for consistent growth.

4. New Business Initiatives:

Highlight your strategy to cultivate business from new clients. Showcase how your proactive networking, coupled with your personal brand, can uncover previously untapped revenue streams. Networking is a key part of this and being seen as a thought leader drafted in to speak at relevant industry events shows how you are perceived.

5. Client Profiling:

Present a thorough profile for each of your existing clients. This should delve into their business nature, prospective projects, and a potential revenue forecast. It is important to quantify and detail potential client following which could move with the incoming partner. Whilst it is important to be positive and ambitious about your current following we also advise a degree of caution and to understand any potential challenges for a client to move (e.g. are they a panel client of the existing firm), you don’t want to move with very unrealistic expectations!

 

 

6. Integrate with the Firm's Strategy:

Your integration into the firm’s wider strategy is paramount. Craft a tailored marketing plan that aligns with the firm's goals and demonstrates your intention to contribute actively to existing client relationships.

7. Amplify Your Personal Brand:

In today's interconnected world, establishing oneself as an industry thought leader can be a game-changer. Regularly engage with industry events and pen down insightful articles, projecting yourself as an authoritative voice in the legal sphere.  This not only enhances your reputation but also positions you as an expert, attracting more business to the firm.

 

In Summary

The pathway to partnership in legal firms has undeniably evolved, placing a heightened emphasis on business acumen, strategic growth, and personal brand development. With a detailed and realistic business case as your foundation, navigating this journey becomes a cohesive blend of your legal expertise and visionary thinking.

By ensuring clarity in your plans, understanding the firm's larger goals, and leveraging your personal brand, you can move forward with confidence and purpose towards that coveted partnership role.

If you would like more information or to have a confidential chat, please contact Lindsey McCracken via contact details below:

Email: lindsey@huntersavage.com

Tel: 07542 321218

 

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