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The Role of the Law Firm Partner in a Changing Legal Market

The Role of the Law Firm Partner in a Changing Legal Market

          
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About the Book

As the legal market becomes increasingly competitive and pressurised, so too are the pressures on partners increasing. Not only are today's partners now responsible for leading, winning new business, building a brand and managing people, they are also compared and measured according to demanding financial performance criteria. Managing Partner's report - The Role of the Law Firm Partner - features insightful case studies, analysis and guidance on the most pertinent issues facing partners in the current legal market. It provides vital insight into the critical success factors of this demanding role and how it can be developed to maximise value for both partners and their firms. Topics discussed include: The role of the partner in a global context - Duties, traits and KPIs; The advantages of existing and alternative partnership structures; Partner selection and lateral hiring practices - and gaps; Performance management and evaluating success; Remuneration strategies and alternatives to the traditional lock-step; Strategic career paths - the options available and skills and attitudes required in each; Portfolio career mapping and transition planning; and Critical business skills, behaviours and emotional intelligence required at senior level. Along with expert commentary from leading consultants George Bull, Patrick McKenna, Richard Wyatt, JCA Occupational Psychologists and more - You will find thought-provoking case studies and insights from top firms such as Ashurst LLP, Lewis Silkin LLP, Fisher Field Waterhouse LLP, Taylor Vinters LLP and headline-grabbing new entrant The Co-operative Legal Services Ltd. PLUS - this practical handbook comes with a complimentary CD-ROM packed with useful appendices for partners and firms, including: Promotion criteria for partners The Partner Core RoleA(c) Role ProfileA(c) Summary of self-review Performance management for partners - Track Surveys Ltd A key competency Feedback ScorecardA(c) - Francis Wilks & Jones LLP Staying competitive in a time of transition

Table of Contents:
Chapter 1: The role of the partner in a global context...1 The impact of the global legal market...1 Emerging trends across the profession...2 Are partners reacting or responding in recessionary times?...3 Dealing with underperforming partners and staff...4 Outsourcing, off-shoring or on-shoring infrastructure...4 The shift to client-centric services...7 Key take away points...7 Chapter 2: Existing structures for delivering legal services...9 Global partnership structures...9 Managing current business challenges...9 Alternatives to the traditional partnership model...9 Market consolidation and expansion...10 Qualifying Foreign Law Practice licences...11 Retaining profits provides a war chest...13 Key take away points...13 Chapter 3: Current role of a partner...15 The definition of a true partnership.15 Collegiality - Making it integral in any structure...15 Equity and status of partners...16 How partner titles are linked to profit share and ownership...16 Typical partner duties...17 Leadership and decision-making boards...17 Division of responsibilities between the SP and MP...18 Managing cultural differences...20 Hard and soft KPIs...20 Current selection process for partners and leaders...21 Field Fisher Waterhouse - A successful partner selection process...21 Current lateral hire practices - And gaps...22 Key take away points...23 Chapter 4: Future structures for law firms...25 Future leadership strategies...25 Does size matter?...26 Segmentation of the legal market...26 Future global structures...27 Pricing services - Getting the balance right...29 Expansion drives - Risky if not planned properly...30 Client benefits of different business models...30 Case study 1: A holding group for multiple delivery structures.31 Key take away points...32 Chapter 5: Future roles of partners and leaders...35 Firms need to be clear about options...35 Emphasis on future partner roles...35 Key traits required of leaders...36 Definition of and commitment to the firm's vision, values and ethics...36 Appealing future roles for partners and leaders...38 Using competency frameworks and Balance Scorecards...39 Role ProfileA(c) - A brief outline...40 Encouraging talent through to promotion...41 Using assessment and development centres for promotion...42 Key take home points...42 Chapter 6: Performance management - Evaluating success...43 Developing robust and transparent systems...43 Using recognised standards or awards...43 Case study 2: Lewis Silkin LLP - An effective working culture...44 Case Study 3: Field Fisher Waterhouse LLP - Performance management using Balanced Scorecards...45 Developing consistency in the appraisal process...46 Optimising performance management...47 The future of partner performance in a deregulated world...49 Essential elements for strategic and executive board reviews...49 Using external facilitators to review the board's effectiveness...50 Key take away points...51 Case study 4: A flexible approach to performance management...51 Chapter 7: Remuneration strategies for partners...55 Alternatives to traditional lock-step remuneration...56 The importance of accurate management information...56 The Role of the Law Firm Partner in a Changing Legal Market Types of partner remuneration...57 How to meet the demands of high achievers - Meritocracies..58 Establishing different remuneration systems in a holding group58 Partner and leader engagement - Defining employee proprietary qualities...55 Case study 5: Field Fisher Waterhouse LLP - Developing the blended lock-step model...60 Agreeing to partners' obligations...61 Case study 6: Ashurst LLP - Developing an international model...62 Key take home points...63 Case study 7: Performance based on financial measurement and metrics...63 Chapter 8: Career paths...67 Balancing the needs of all types of partners...67 How to use global mobility effectively...68 Current career paths changes...69 Partner roles - Through the looking glass...73 Core differences between career paths...73 Key take away points...73 Case study 8: Choosing the right career path - Cooperative Legal Services Limited...74 Chapter 9: Portfolio career mapping and transitioning...77 The value of career mapping for partners...77 Portfolio careers...77 What are the main pressures on partners today?...79 Strategic Portfolio Career MappingA(c)...79 Everyone wins...80 Making retirement plans effective...81 Managing the transition from one role to another...81 Key take away points...82 Chapter 10: Behaviours and emotional intelligence...85 Leading in different business environments...85 Making sense of EI in a legal world85 Selecting for emotional intelligence86 Leading with EI...87 Business skills - The other side of the coin...90 Commercial awareness and entrepreneurship...90 Credibility, trust and respect of the MP...91 Vision and thought leadership keep a firm competitive...91 Generations and leadership...92 Future impact of globalisation on leaders...93 Securing ongoing income...93 Key take away points...93 Chapter 11: Conclusions and recommendations...97 Global context...97 Polarisation of the market...97 Structures impact delivery models...98 Clients are no longer loyal...99 Partner roles and careers...99 Performance management makes the profit come in...100 Transition options for equity partners...100 Using your EI is intelligent...100 The future - A nine volt battery charger or human enhancement...101 Part Two: Appendices Appendix 1: Promotion criteria.105 Appendix 2: The Partner Core RoleA(c)...109 Appendix 3: Role ProfileA(c)...111 Appendix 4: Summary of self-reviewA(c)...113 Appendix 5: Performance management for partners - Track Surveys LtdA(c)...115 Appendix 6: Feedback ScorecardA(c) - Francis Wilks & Jones LLP...121 Appendix 7: Staying competitive in a time of transition...123


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Product Details
  • ISBN-13: 9781908640451
  • Publisher: Globe Law and Business Ltd
  • Publisher Imprint: Ark Group
  • No of Pages: 125
  • ISBN-10: 1908640456
  • Publisher Date: 31 Jul 2012
  • Binding: Paperback


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