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Accounting and Financial Planning for Law FirmsLJN NewslettersNewsSections

<i>Accounting & Financial Planning for Law Firms</i> <b>Partner Business Plans as a Planning Tool</b>

By Joel A. Rose
April 29, 2005

Personal goal setting has been popular and effective in other professions and industries for many years. Lawyers have been slow in coming around because they are afraid that the exercise will be a waste of time or will restrict how they practice. As consultants, we still hear partners say, “I'm a partner, I can do as I damn well please.” This attitude is not as prevalent as it was in the past, but it still exists and must be dealt with.

Defining the Successful Partner

Although personal goal setting should by definition be individualized, it must of course align with the needs and culture of the organization. Every firm should therefore reflect on the qualities that its lawyers must embody to achieve success. These qualities will differ from firm to firm. However, the following is a representative list:

  • Quality work as well as quality service ' viewed as separate criteria by clients.
  • Work ethic ' how hard and smart the lawyers work.
  • Multiplier effect ' the ability and willingness of a lawyer to make the most of himself/herself through business development; business management; delegation to other partners, associates, and paralegals; and supervision of others.
  • Specialization ' the ability and willingness to develop a specialty, possibly by limiting one's scope of practice.
  • Firm and practice management ' the ability and willingness to play a leadership role.
  • Team approach ' the willingness to work with other people, not hoard work or practice as a “lone ranger.”
  • Accountability ' a willingness to follow the rules and to be held accountable for one's actions (or inactions), both positive and negative.

Functions of Personal Goal Setting

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