There are, generally speaking, two kinds of managing partner. The more effective version is marked by a few shared characteristics. Most strikingly, they will have a confidence-inspiring assuredness about them. This will be manifested in most dealings, but in particular in those with the leader's own partnership. Typically, this breed will have become highly adept at achieving that delicate calibration of positioning themselves far enough ahead of their partners to lead but close enough to bring them along.

Successful managing partners will usually also be notable for their communications skills, having become effective at establishing dialogue with a range of key parties both internally and externally. This, of course, starts with the partnership but will cover groups including non-legal staff, clients and the media.

But perhaps the most crucial element that marks a good managing partner is openness or, put another way, a willingness to be constructively critical regarding the business they run – at least when confronted with constructive criticism. It is this frank, down-to-earth quality that gives leaders' statements additional credibility. And credibility is a large part of the currency of persuasion. Look at the most financially successful law firms and it is very rare that they are not run by someone with most of these characteristics.