The Monsoon- Making Rain in the Southwest: How to make partner in 5 easy steps

The Monsoon- Making Rain in the Southwest: How to make partner in 5 easy steps: It is that time of year again- time for law firms to decide which of their treasured associates will be given the coveted...

How to make partner in 5 easy steps

            It is that time of year again- time for law firms to decide which of their treasured associates will be given the coveted promotion of Partner.   Walk the halls of any large firm and the floors are likely abuzz with the excitement of the upcoming decisions.  Senior associates can be found checking receivables, billable hours, and lobbying mentors for support.  There are lots of “what if” conversations taking place, a last minute focus on marketing, and even some reliance on superstitions (crossed fingers, lucky ties, favorite lunch places, etc).

While I enjoy the excitement of this time of year as much as the next person, I am also a little taken aback at the level of surprise associated with this business process.  I have had many a conversation with individuals that are “up” for partner who have no real grasp on the criteria of partnership or how their individual performance measures up to the unknown criteria.  Say what?  How is this possible?  These are smart people.  They would not be “up” if they weren’t.   This is your career people. Having a fuzzy idea of what you need to do to succeed is not acceptable. It is like running a race in the dark with a good guess about where the finish line is.  It is absurd! 

            If you are one of those folks “up” for partner this year-you may want to stop reading.  This advice is probably a little too late for you.  I will cross my fingers and toes along with you and hope for your best.  However, if you see partnership in your future in the next year or two-keep reading.   Below is a short and sweet plan to make your candidacy for partnership more like a one-candidate election and less like the NFL draft.

If you want to become a partner-

Find out the Rules:

            Call me crazy, before I sign up to earn, compete, or win anything, I ask questions about what I am winning.  If you think you want to become a partner at your firm, you need to ask questions.  Here are a few that come to mind:

1.     What are the requirements to make partner (get the specifics)?

2.     Do I get to choose whether or not I am considered for partnership?

3.     What is the nomination process?  Is there a nomination process?

4.     What data points are used to make partnership decisions?

5.     What factors other than hard data are considered?  How are they weighed?

6.     How many votes does it take to make partner?

7.     How many associates can make partner in the same year?

If you REALLY want to be informed, ask to see the partnership agreement.  It would be nice to know what you are actually winning.

Analyze the Data:

            Once you know what is required (again we are talking specifics) to make partner.  You need to ensure that you meet the requirements.  So, look at the data, analyze how you currently measure up.  For example, if you need to have a sustainable book of business  (this seems to be the term de jour) roughly able to cover your costs and that of at least 1 associate, find out what your costs and the associates costs are and add it up.  For simplicity, lets say this means a book of roughly $1million from clients that you can reasonable expect will have additional work in the future.  Now look at your current book and do the math.   Go through this process with every known criterion.  Don’t get too caught up with the numbers, back of the envelope math will do.  Just give yourself a realistic picture of where you stand against your firm’s requirements.

Write the Plan:

            Once you know the requirements and you know how you currently measure up, it is time to get laser focused and craft a plan to fill the gaps.   If your book of business is too small, go see your marketing professional and create a revised marketing plan.   If your receivables are too low, go talk to all the partners writing down your work and come up with a plan to fix the problem.   If the firm wants leadership, and you are not engaged, look for ways to get engaged.   Craft a plan to meet all of the requirements to make partner.   Hint-doing it in your head, doesn’t count.  Put it on paper.

Share the Plan;

            You know me, I am a big fan of self-promotion.  When you do something great you should share it.  Share your plan with your mentoring attorney, your department chair, your marketing partner, and anyone else who will listen.  Sharing it serves two purposes: 1-the reader may have some great suggestions of things you missed, need to tweak, or ideas to add to the plan and 2-it lets them know in advance that you are serious about becoming a partner and taking the initiative to make it happen. 

Execute the Plan:

            If you are really serious about becoming a partner you need to show your firm you are partnership material.  So, take the handy dandy written plan that you spent time creating, and begin allocating appropriate time on your calendar to start executing.  That is right- actually schedule the activities.  And, when the reminder for one of your partner activities pops up, resist any temptation to cancel or move the activity.  You are a lawyer.  You will be just as busy next year as you were this year.   Busy doesn’t count-progress counts.  So, take control of your own destiny now and schedule the time to execute your plan.

Voila!  If you follow the strategy at this time next year, you will know exactly where you stand in terms of becoming a partner.  If you craft a good plan and execute your plan you will dramatically increase your odds of winning the partnership prize.  The best news, when your time comes, it won’t take a lucky tie, rabbit’s foot, or begging to help you get the needed votes.

About Jonelle- Jonelle Vold helps professional service providers build thriving books of business by aligning their daily activities with their personal goals and career aspirations.  A mother of twins, former Assistant Dean at a tier-one law school, attorney, and seasoned sales professional, Jonelle understands the challenges of high-level professionals.  Her coaching philosophy is every person has the ability to be a rainmaker by living with integrity and doing business with intention.  You can reach Jonelle at jonelle@jonellevold.com or www.jonellevold.com.   Women's MasterMind group starting in January, 2012. Are you a woman in business that would benefit from having a personal board of directors?  Do you need some help holding yourself accountable and staying motivated?  Would you like to have a support system of brilliant professional women to bounce ideas off of?  If so, the Women's Mastermind group may be exactly what you need.  Contact jonelle@jonellevold.com for details or go to http://tinyurl.com/4xhchav Labels: