Back in the good ole days, a young lawyer “made partner” simply by hanging around for seven or eight years and not upsetting too many clients or too many of the current partners. Once in, it was next to impossible for a partner to be voted out. Those days are long gone, as a growing number of firms have raised the bar for admission and look for much more than time served as they bring on new firm owners. “We’re running a business not a country club. Partners must act and contribute as owners, not long-time employees.” says one of the more vocal members of the MPF Advisory Board. And she’s right!
In this article, Tom spells out the obligations of law firm owners, including:
- Personal Collections,
- Client Satisfaction,
- Book of Business,
- Firm Leadership,
- Succession Planning, and
- Firm Citizenship.
Is your firm holding its equity partners accountable to think and act like firm owners?