This document discusses strategies for building a successful law firm partnership. It emphasizes the importance of developing talent over acquiring clients ("starmaking" over "rainmaking") and aligning individual goals with team goals. It also stresses the importance of delegation, providing training and feedback to junior lawyers, and motivating all lawyers so they feel invested in the firm's success. The overall message is that a partner must build a cohesive, motivated team in order to achieve long-term success.
6. The
Challenge
Lawyers are: Skeptics
Autonomous
Lacking Social Skills
Abstract Reasoners
Impatient
Lacking Resilience
Studies of 18 Personality Traits of Lawyers Using the "Caliper Profile"
Dr. Larry Richard, Hildebrandt International
8. Aligning
the
Stars
“Starmaking” is more
important to a firm’s long
term success than
“rainmaking”
Jay Lorsch and Thomas Tierney
9. Aligning
the
Stars
Over time the people you
pay are more important than
the people who pay you
Jay Lorsch and Thomas Tierney
10. Aligning
the
Stars
Developing a star recruit into
a seasoned star is multiyear
task
Jay Lorsch and Thomas Tierney
11. Aligning
the
Stars
In great firms . . . senior people worry as much about missing out on or
losing new talent as they do about missing out on or losing good clients.
Jay Lorsch and Thomas Tierney
12. Why
Important?
There is a strict sequence for making
superior profits:
Must train, energize and excite your
people
If you do, quality and service will be
outstanding
If it is, you will earn superior profits
David Maister
13. Why
Important?
To have “Raving Fans” clients a firm
must have “Gung Ho” lawyers and
staff
Ken Blanchard
14.
15. Studies
and
Surveys
A"ri%on
Rate
of
New
Associates
in
Large
Law
Firms
(1988
-‐
1996)
Cost
-‐
$300,000
per
lawyer
16. Studies
and
Surveys
A
whopping
77
percent
of
associates
leave
within
five
years,
according
to
NALP’s
latest
survey.