Leverage For Lawyers

Posted by Elizabeth Zelinka

Change is the order of the day in Big Law.  In fact, it appears that rapid and strategic evolution in the midst of current market forces is the key not only to profitability, but perhaps in some cases, the key to survival.

Much has been written about Big Law’s new approach to associates, including compensation, expectations, demand and satisfaction.  Less has been said about the new reality facing partners in Big Law.  Nevertheless, the changes are sure to be just as significant.

Simply put, gone are the days when a partner in Big Law could comfortably rely on his or her ability simply to service firm clients.  Firms will be increasingly rigorous in their evaluation of partners’ ability to develop new clients and new business.  This rigor will be applied in the current time to assess the extent to which members of the existing partnership can or should remain with the firm.  Where a partner cannot demonstrate business development skill or precedent, the odds are reasonably high that such partner will be asked to consider career options outside of the firm.

This trend will also affect associate promotions to partner.  As firms return to a version of the “up or out” model, firms will create more meaningful ways to assess senior associates’ business development potential. 

Bottom line—in the new era of Big Law, partners will have to be excellent practitioners as well as skilled business people.  

Elizabeth Zelinka is a Founder and Principal with Zelinka, Prince & Parsons, LLC.  She can be reached through  www.ZPPpartners.com.

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