Firms promote associates to partner and then expect them to "act" like a partner. Acting like a partner is an unclear declaration and can cover a wide range of expectations. One of the most important expectations for these newly minted partners is for them to have an ownership mindset. The mindset of a business owner is not something that comes naturally, nor is it in any way developed through the associate years.
Certain types of agreements, such as real estate leases, clearly are executory contracts subject to assumption or rejection in bankruptcy cases. But what about the partnership agreement itself?
In the post-pandemic era, widely adopted flexible work arrangements have given lawyers a new view of their work. But in a profession without mandatory retirement policies, a partner's decision to keep practicing may not entail a discussion of the ultimate succession of their practice and clientele.
Mandatory retirement policies have dogged Big Law for decades, creating partnership tensions and fractures in some law firm client relationships. But more law firms are beginning to loosen their retirement policies, analysts say, even when it creates more challenges with younger generations of lawyers.
Many law firms with a written agreement stick it in a drawer, rarely read it, and do not amend it. Failing to amend the agreement can cause harm to the firm and its partners.
Firms are conducting their mid-year associate reviews around this time. What about partners? Typically, partner feedback is given by means of their new annual compensation. If your firm is not doing partner reviews now is the time to start. As firms are looking for ways to increase retention and survive the great resignation conducting partner reviews might hold the key. Doing reviews makes a statement about your firm's culture.
As law firms face mounting pressure from the talent wars, many are attaching strings to their partnership agreements in order to protect their partnerships and forestall lateral departures in a high-demand market.
A look at moves among attorneys, law firms, companies and other players in entertainment law.
A look at moves among attorneys, law firms, companies and other players in entertainment law.
In the decade ahead, the mechanism for offsetting the effects of external market forces on profitability will shift from changing partnership composition to transforming a partnership's behavioral norms, centering on how partners behave toward each other and help each other become the best possible version of their professional selves.
