LONGTIME NEW YORK resident, essayist and writer E.B. White once wrote, “There’s no limit to how complicated things can get, on account of one thing always leading to another.” New 2002 law firm partners surely understand this dilemma. The current economic doldrums only serve to highlight the obvious – becoming a partner in 2002 brings business challenges along with the accolades. More than ever, this year’s newest partners must understand the ever-changing business of law. However, a fundamental problem exists throughout the legal profession today. Regardless of firm size or geographical location, the vast majority of new partners is not trained in the business skills necessary to manage and lead their law firms.
Men and women graduate from law school, are admitted to the bar, hone their skills as associate lawyers and become young partners, often without even a rapid immersion in the business and accounting principles applicable to law firms. Newly minted partners find themselves thrust into internal committee assignments or selected to lead practice areas or serve as practice leaders without benefit of any formal leadership or management training.
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