Upwardly mobile
Ambitious associates are increasingly seeking out direct moves into partnership at a new firm. Sloane Poulton reports on the challenges and potential benefits of such a switch
June 25, 2008 at 08:10 PM
6 minute read
If partnership is a career goal, then often there comes a time when as a senior associate you need to make a choice. Do you sit and wait for promotion at your current firm or do you consider other opportunities in the market? There are a number of reasons why someone would consider a move at this level and it is not always because there is a bottleneck for promotion. There have been a significant number of individuals that have felt they were very much on track at their previous firm but made an evaluation that a different platform would better serve their practice.
During the last recruitment cycle, law firms have reacted to individuals' demands for partnership. In the late 1990s, only a handful of firms were willing to offer the immediate partnership badge to laterally-hired associates. These 'vertical' moves were quite uncommon and met in the market with a degree of surprise. The assumption seemed to be that the individual in question was a veritable superstar or had attracted a huge following. But over the last five years, vertical promotions into partnership have become relatively common. At the beginning of the last recruitment drive, there appears to have been a general shift in policy and a number of firms have aggressively looked to secure the best available talent by offering the title of partner.
Over my recruitment career I have met with a number of senior associates, almost all of whom were looking to move into immediate partnership. A number of them have successfully moved into new partnership roles and it was interesting to see how they had fared.
Over the last couple of months I have spoken with a number of these individuals to find out:
- how they had found their new firm;
- how the title of partner has changed their role, particularly in terms of marketing, business development, credibility with clients and integration;
- how their overall attitude has changed;
- how their responsibilities have increased; and
- to find out if there had been any internal animosity from existing senior associates.
- was anticipating the feedback to be balanced in terms of the experience, but the overwhelming majority have found the move to be a success.
Firms that tend to make vertical hires are often growing rapidly and are going through a significant shift in strategy. New joiners have to find their 'partner feet' quickly. They also have to find their way in a firm that is stepping up a gear in terms of market profile and ambition. Although in some instances the title comes before the role (i.e. the individual would not have moved if immediate partnership had not been offered), the firms selected have, in the majority of cases, provided the right platform and support.
The consensus across the City is that the partnership badge, without question, helps significantly with marketing and business development. New clients want to speak to a partner and, with the title, individuals have found they have immediate credibility. It is a fundamental step when an organisation has enough faith to make someone a partner. In terms of business development, the title appears to be invaluable as clients take you more seriously and feel that the buck stops with you as the decision-maker. The title is particularly indispensable when the firm could be viewed as slightly 'off-piste', as it gives potential clients immediate comfort.
Entering a firm at partner level is acknowledged internally with an instant element of respect. While associate moves often create little impact, it is generally big news when a new partner joins the practice. Individuals have found they receive immediate respect from their peers and feel like they are finally part of 'the business'.
Integration into a new partnership is relatively seamless in most cases. The organisations that tend to make vertical hires are well-practised at recruitment and are used to providing the support and the systems to make a smooth transition. On a personal level, most are embraced by the existing partners and supported with an air of excitement and enthusiasm. Many are actively introduced to clients and assisted with bringing their own clients.
There is no sudden change in attitude from that of a fee earner to that of a business generator. The generally-held view is that if you do not already possess this attitude, you are not ready for partnership. Many vertical hire partners I spoke with were already generating work as associates and felt the promotion to partner merely gave them further credibility when winning new business. Indeed, the consensus is almost unanimous that firms expect laterally-promoted partners to win work and grow the business from day one. Although you need to be bullish when seeking a promotion to partner, you have to be careful to understand expectations from both sides. In one lateral partner's succinct advice: "Don't bullshit."
On gaining the elevation to partnership, the areas in which overall responsibilities increase are business generation, budgeting, training, mentoring and recruitment. Many senior associates have already been involved in most of these areas but, on becoming responsible for their own practice, the full burden of responsibility is clearly felt. Others find that their duties are essentially the same but that it takes a little time to get up to speed with new systems.
Canvassed partners say there has been limited animosity from existing senior associates, probably as vertical hires tend to be made in key strategic areas and hence there is often a gap. It is argued that existing senior associates should support a vertical hire, as new partners tend to show greater support to senior associates with new business and helping drag them up into the partnership ranks. There do not seem to be many instances where senior associates have been 'parachuted in' to the clear disadvantage of existing partner designates, at least according to the perception of the vertical partners.
The experience and transition for the vast majority has been positive. The potential of a poisoned chalice has been fettered by genuine due diligence and accurate client references. The key to success seems to be unshakeable self-confidence and the setting of realistic expectations in terms of what you can deliver. If you are currently thinking about a move at this level but find yourself falling into 'better the devil you know' scenario; or if you are worried about losing the goodwill you have generated; or think a move at this stage is tantamount to failure as you have not gained the partnership badge, then you should definitely reconsider. The individuals who have moved into immediate partner roles over the last couple of years have become the engine room and future leaders at their new firm. They are hungry to make their mark in the City and many are now entering into equity. It has been a real chance for them to take control and to make a name for themselves as individuals. Many simply say: "I would recommend it."
Sloane Poulton is director of SR Search.
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