Your Firm's Criteria
Every firm has its own criteria for admission to the Partnership (both Income and Equity). However, the major criteria common to all firms are:
1) Originations (Your Portable Book)
2) Quality of your Work
3) Teamwork
4) Client Loyalty
5) Senior Partner Sponsorship
Most firms give the lawyers we speak with great development opportunities to sharpen their lawyering skills and thorough on-the-job experience. But the vast majority of firms really don't offer real opportunities for building client development skills and for learning how to sell.
In fact, the old Firm paradigm really de-emphasized developing these skills for most lawyers. If a firm could institutionalize its clients, it diminished the chances of losing them to other firms. That is why, until recently, it has been a viewed as a good thing to be a Service Partner.
However, with globalization the industry has changed into being more competitive for clients. New offices open in a firm's Headquarters city and suddenly its Partners must protect their existing clients. Conversely, with geographic expansion, Partners have had to go out in new geographies and get new clients to build their firm's practice in a new office.
Additionally, with the AMLAW law firm measurement system, ever increasing attention is paid to growing Revenue and PPP. This has compounded the pressure on firms to have all Partners out selling.
The bottom-line for Partners is that Originations have escalated as a major criteria for progressing into and through the Partnership and for receiving increased income. For Partners who haven't learned to sell, their competitive status is decreasing and their ability to Lateral is greatly disadvantaged.
Therefore, every Partner must understand and act on their Firm's advancement and compensation criteria. This begins by cultivating close working relationships with Senior Partners who lead your office, your practice area, your industry, and those who are on the Partner nominating committee and compensation committee.
Take personal responsibility for being known by these people and understanding what they look for in sponsoring Younger Partners through the ranks. Most important, make sure you understand your firm's process and dateline for advancement and compensation and manage to them.
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