Partners ill-prepared for law firm management, report reveals
Nearly two-thirds of lawyers in senior management positions say they had little or no help in preparing for their roles
March 10, 2016 at 07:23 PM
3 minute read
Nearly two-thirds of senior lawyers feel they were ill-prepared for their time in management positions, a report into management strategies and training at law firms has revealed.
Sixty-four percent of lawyers in senior management across 95 firms surveyed by accountancy and investment management company Smith & Williamson reported having "little or no help" in preparing for their role in a management position.
It found that 36% of respondents felt the help from their firm was effective, while 44% were left to prepare for their new role themselves. The remaining 20% reported their firm's assistance was of limited effectiveness.
The suvery also found that 64% of management teams said they had little or no support from non-executive directors.
Giles Murphy, head of professional practices group at Smith & Williamson, said the lack of support for leadership figures at law firms was a concern. "Good management is absolutely crucial to a firm's success. Without effective leadership and a clear strategy to drive the business forward in a rapidly changing environment, firms may fail to prosper," he said.
Without effective leadership and a clear strategy to drive the business forward in a rapidly changing environment, firms may fail to prosper
Maurice Allen, senior partner of Ropes & Gray's London office, said that firms are gradually improving their training options but need to make more effort.
He said: "Often firms don't offer enough training to partners, who are their most valuable assets. Some lawyers don't react well to, in their eyes, being told what to do but it's very beneficial for all in the long run. It pays to be open to learning more."
Susan Bright, regional managing partner for the UK and Africa at Anglo-US firm Hogan Lovells, said her experience of entering management had been positive and firms should invest as much as possible in preparing partners for leadership positions.
She said: "I went through a period of bespoke training in preparation for the role, which centred on different aspects. There was lots of financial training as well as simply understanding what the role would entail. I had some one-on-one training with two external coaches, and my predecessor Andrew Gamble was really fantastic. I felt fully supported by him during the handover phase."
Bright added: "Taking on any global management role is clearly a big step up from a practice role – it's bigger in terms of revenue and how many people you're responsible for. It's very different from primarily being a legal advisor when you are a partner and deal mainly with clients."
Many of the large firms have some form of training for partners moving into management. For example, Allen & Overy provides its newly appointed managing partners with a two day training programme and Ashurst sends its managing partners on week long law firm leadership programmes at Harvard Law school.
The survey also found that 25% of firms had not reviewed or updated their strategic plan – which often sets out the basics of how to manage the firm – in the last year while just 7% had only updated it in the last three years.
In addition, 26% of partners in management said their plans are "of limited help" or are rarely referred to.
Murphy said: "I generally advise that a plan should take a one, three and five year view, but 65% of respondents do not look beyond a three year horizon."
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllA&O Shearman Capital Markets Partner in Hong Kong Leaves For Jia Yuan
Am Law 50, UK Top Firms See Lateral Hiring Jump in Finance, Corporate
Private Equity the Name of the Game for O'Melveny's Singapore Rebuild
Trending Stories
- 1The Law Firm Disrupted: Playing the Talent Game to Win
- 2Preparing Your Law Firm for 2025: Smart Ways to Embrace AI & Other Technologies
- 3GlaxoSmithKline Settles Most Zantac Lawsuits for $2.2B
- 4BD Settles Thousands of Bard Hernia Mesh Lawsuits
- 5Partner Cuts: The Grim Reality of Post-Merger Integration
Who Got The Work
Davis Polk & Wardwell partners Mari Grace and Edmund Polubinski III have entered appearances for Australia-based Bitcoin-mining company Iris Energy and other defendants in a pending securities class action. The action, filed Oct. 7 in New York Eastern District Court by the Rosen Law Firm, contends that the defendants concealed the inadequacy of the company's site in Childress County, Texas, including it being 'ill-equipped' and unable to operate the company's proprietary design. The case, assigned to U.S. District Judge Peggy Kuo, is 1:24-cv-07046, Williams-Israel v. Iris Energy Limited et al.
Who Got The Work
Ryan S. Stippich of Reinhart Boerner Van Deuren has entered an appearance for biopharmaceutical company Veru Inc. and other defendants in a pending shareholder derivative lawsuit. The action, filed Sept. 30 in Wisconsin Western District Court by the Brown Law Firm on behalf of June Ovadias, accuses the defendant of failing to disclose that small sample sizes and other issues rendered it unlikely that the FDA would grant Emergency Use Authorization for the cancer drug candidate sabizabulin as a potential treatment for COVID-19. The case, assigned to U.S. District Judge William M. Conley, is 3:24-cv-00676, Ovadias, June v. Steiner, Mitchell et al.
Who Got The Work
Holland & Knight partners Cynthia A. Gierhart and Thomas Willcox Brooke have entered appearances for Pakistani American Political Action Committee and Rao Kamran Ali in a pending trademark infringement lawsuit. The action, filed Sept. 24 in District of Columbia District Court by Jackson Walker on behalf of Pakistani American Public Affairs Committee, accuses the defendants of using a mark that's confusingly similar to the plaintiff's 'Pak-Pac' marks without authorization. The case, assigned to U.S. District Judge Randolph D. Moss, is 1:24-cv-02727, Pakistani American Public Affairs Committee v. Pakistani American Political Action Committee et al.
Who Got The Work
Lauren M. Rosenberg and Yonatan Even of Cravath, Swaine & Moore have stepped in to represent Israel-based Oddity Tech Ltd. in a pending securities class action. The case, filed Aug. 30 in New York Southern District Court by Pomerantz LLP and Holzer & Holzer, contends that the defendant made materially misleading statements regarding the capability of Oddity's AI technology and ongoing civil litigation, resulting in the artifical inflation of the market price of Oddity's securities. The case, assigned to U.S. District Judge Margaret M. Garnett, is 1:24-cv-06571, Hoare v. Oddity Tech Ltd. et al.
Who Got The Work
Eleanor M. Lackman of Mitchell Silberberg & Knupp has entered an appearance for Canon, the Japanese camera maker, and the Brooklyn Nets in a pending trademark infringement lawsuit. The case, filed Sept. 16 in California Central District Court by T-Rex Law on behalf of technology company Phinge Corporation, pursues claims against the defendants for their ongoing use of the 'Netaverse' mark. The suit contends that the defendants' use of the mark in connection with a virtual reality platform will likely create consumer confusion. The case, assigned to U.S. District Judge Consuelo B. Marshall, is 2:24-cv-07917, Phinge Corporation v. Yankees Entertainment and Sports Network, LLC et al.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250