Let's Get Real - The Managing Partner's Dilemma

Recently I ran a Google search for “what does a managing partner do in a law firm”. The results produced a detailed job description that included the following responsibilities:

•  Setting strategic goals and objectives

•  Supervising daily activities

•  Monitoring and measuring performance

•  Driving business growth

•  Purposefully guide business operations and employees to achieve goals

•  Maintain positive client relationships

•  Drive new acquisitions

•  Develop and implement procedures and policies

•  Manage, monitor, and review business operations

•  Identify improvement gaps and implement corrective measures

•  Review and oversee all financial activities, performance, and documentation

•  Oversee recruiting and hiring

•  Be responsible for retention

  
  

In addition, the listed requirements for the position were:

•  Extensive managerial experience

•  Strong communication skills

•  Excellent leadership skills

•  Executive decision-making skills

•  Strong strategic and analytical mindset

•  Exceptional business acumen

  
  

Each and every one of these responsibilities and requirements make sense – in theory. What's not mentioned, however, is how the managing partner is supposed to acquire these skills and accomplish these things while simultaneously managing their own book of business and personal billing requirements.

This is a seemingly impossible feat, especially considering neither law school nor partnership experience offer formal education in leadership or business. The reality is that most managing partners are ill-prepared for the myriad challenges they face on the daily. This is not due to a deficit of intelligence, lawyering skills, or dedication to the firm. The struggle stems from the fact that what made them successful attorneys is often what stands in their way as effective leaders. The skill sets are different, and often conflicting.

Litigators, for example, never ask questions to which they do not already know the answer. Trial prep is all about gaining the advantage in the courtroom or at the negotiating table, and asking open-ended questions – a critical skill for effective management – is kryptonite to even the best lawyers.

And when it comes to winning the war for talent, how are today's managing partners supposed to know how to invest in and retain the best associates when they themselves struggled as young lawyers with little training, no mentorship, and a siloed culture based around fear?

If any of this is striking a nerve, you are not alone.

In fact, you are in VERY good company. I've had the distinct privilege of working with hundreds of founding and managing partners/members in my career, and 99% of them share the exact same concerns and face the same challenges. The remaining 1% tells the world they have it all figured out, but their swagger is thin, at best.

The good news?

You can be successful and you don't have to go it alone.

Step 1: Clearly define your role as a firm leader and communicate this role with your partners.

Step 2: Ask your partners what they expect of you, and in turn, let them know what you expect of them. Clear communication is the best way to avoid conflict and potential disaster.

Step 3: Create a system of accountability with KPIs and a regular cadence of communication.

Step 4: Invest in yourself - the skills. Develop the skills you need to be an effective leader. Just a few to consider: time management, people management, leadership, strategic thinking, conflict resolution, culture stewardship, team/consensus building, financial literacy, business basics, delegation, and more.

Step 5: Invest in yourself - the process. Commit to an individual coaching program with someone who is knowledgable about law firms, can meet you where you are, is not prescriptive, and helps nourish the important intersection of the professional with the personal.

Step 6: Give yourself grace. For busy managing partners, something's usually got to give. This requires the establishment of boundaries and the ability to say no when necessary. Taking on too many work responsibilities at the expense of self-care or time with family and friends is never a good idea, and will only lead to burnout.

Step 7: Figure out what your highest and best use is for the firm, and delegate everything else to other qualified and committed stakeholders in the firm.

Ready to work smarter and not harder? We have the solution.