LPBusiness
Practical stePs in Marketing, ManageMent and finance
taking the lead
Continued from page 72
PARTNERS TEND NOT TO
BE BOTHERED BY SMALL
ITEMS, AND RECOGNIZE
THAT THE BUSINESS OF
THE FIRM NEEDS TO KEEP
MOVING, BUT AT SOME
THRESHOLD APPROPRIATE
FOR THE FIRM THE
PARTNERS WANT INPUT
AND APPROVAL.
in many small firms and boutiques today. As these firms trend
toward professional management, it is important to review and
align the decision-making authority with the responsibilities
and expectations of that management. If, for example, you want
to pull your staff together as a team to gain efficiency and cost
savings, you need to get out of the way and let the professional
managers do their jobs. You should certainly participate fully
in the discussions, cross-examine them on their proposals and
debate the implications of change. But once you make a decision
as a partnership, support your managers and have their back.
Don’t engage in side conversations with associates and staff; as
a partner you represent the partnership, and side conversations
negatively impact your credibility—and the security and struc-
ture of the firm as a whole. What decisions need to be made, and
what is getting in the way from making them?
AFFECTING THE AGENDA
When was the last time your colleagues were asked what they
need at the firm, and what gets in the way? For example, during
a recent firm visit several partners told me that practice group
meetings have had the same agenda for as long as anyone could
recall. Partners expressed boredom, and it was fairly easy to
ignore the meetings if something else came up. The leaders,
frustrated with a lack of participation, simply cancelled meetings due to lack of interest.
If, for example, developing your associates is important, is it
on the agenda? What files are coming into the firm or the group,
and how should they be staffed? What associates need exposure
to what work, and how are they progressing? If these are important, you should ensure they’re on the agenda.
What are your strategic objectives for the coming year, and
how does the structure of your firm support those objectives?
Are important topics on the regular agenda so that partners will
be engaged in discussion and debate? Where are you getting
bogged down or frustrated with inertia, and what is getting in
the way of progress?
Has your governance and management structure evolved to
meet the needs of your firm and its people? It’s an important
question to ask. LP
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