The New Managing Partner

Former Managing Partners
After leaving office, some managing partners tell us that they had no idea how challenging the transition would be. The difficulty seems to come from three main areas:

Desire to remain in control. Periodically, individuals reach the top position in an organization and come to believe that no one else can do the job as well as they can. In a law firm, this kind of thinking leads to a managing partner who is unwilling to step down and let someone take over. Not surprisingly, a managing partner who clings to power tends to do a lousy job grooming a successor. In contrast, the smoothest transitions happen when the managing partner is among the first to recognize that the firm needs someone new in the top position. These individuals do a much better job grooming successors and, perhaps more importantly, get out of the successor's way and avoid the urge to second-guess the new leader's decisions once out of office.

Re-entry to practice. We have witnessed many managing partners make extremely successful transitions back into the full-time practice of law. In some cases, it seems that the leadership skills and community contacts developed while managing the firm and the general desire to return to practice allow former managing partners to re-build their practices more quickly than they had envisioned. Still, the need to get current with any changes in the law and revert to a daily operating mode that they left years ago can be a daunting task. In our experience, managing partners who maintain some portion of their practice are able to more easily slip back into the full-time practice of law at the end of their term.

Compensation anxiety., Prior to taking on the managing partner role, most law firm leaders have significant books of business. Once in the leadership position, however, these lawyers usually give up a major portion of their practice as they transition their client relationships to others in the firm. Consequently, upon stepping down, the managing partner may be in an awkward position since his or her current contribution is nowhere near the level it was while leading the firm or prior to taking on the top role. While some firms maintain the former leader's compensation while he or she tries to re-establish a practice, many firms do not. In our experience, protecting the managing partner's compensation (e.g., two year's guaranteed compensation or a guarantee based on the length of time spent managing the firm) helps smooth many a transition.

Given these challenges, managing partners may choose to take a break from the firm before jumping back into practice a wise move, particularly for those who were doing the job full-time. Of course, during the course of unwinding, some will decide to move on to a new career, often outside the field of law. While understandable, the departure of a managing partner is unfortunate since that person can play such a positive role in helping and supporting the successor and the firm's future initiatives. We find that managing partners who willingly step down, maintain part of their practice while leading the firm and have some sort of compensation protection are more likely to remain valuable contributors to a firm after leaving office.

New Managing Partners
Most new managing partners are, at least initially, reluctant leaders worried about what they have agreed to take on. Their anxiety has a number of dimensions: worrying about transitioning their practice to other lawyers (not to mention re-establishing it when they step down), worrying about their ability to keep current in their field of law, worrying about appearing disrespectful to their predecessor if they implement change and worrying about their ability to manage a multi-million dollar business.

Prior to assuming the managing partner role, the new leader should have some sort of agreement with the firm regarding how much time will be spent managing the firm versus practicing law. Right now, we seem to be witnessing a trend toward full-time managing partners, particularly in larger firms. Full-time does not necessarily mean that the individual spends 100 percent of his or her time managing the firm. Instead, the commitment may fall closer to 75 percent, with the remainder of the time spent practicing. In our experience, law firm leaders with significant managing partner roles cannot commit to spending more than 25 percent practicing, for risk of allowing client demands to usurp the firm's leadership needs.

Once in the position, managing partners can break their role into six major areas: strategic planning and implementation, practice management, client relationship management, lawyer counseling, financial management and communication. While this list looks exciting, in practice, managing partners quickly learn that their new role can be frustrating and full of compromise. Without proper delegation, managing partners may end up focusing on interpersonal conflicts and other internal issues, rather than dealing with strategic planning and the firm's future. It is usually the managing partners who fail to delegate that end up unfulfilled by the position and see it as a supreme burden, rather than a professional achievement.

Proper delegation of responsibilities also allows managing partners to focus on strategic leadership and avoid being swept into administrative management. A strong administrative manager, like an executive director, can help make sure the managing partner focuses on strategy and not office supplies. Law firm leaders who accept weak (or non-existent) administrative management are setting themselves up for an unhappy time in their new role.
Finally, to help ease the transition back to practice at the end of the term, managing partners should try to maintain some portion of their practice, gradually develop a successor and ensure that their compensation is protected on the way out. By allowing this, law firms should benefit from a more fulfilling leadership environment that helps facilitate transitions in the future.
 

Interested in Learning More About Legal Hiring? Read the Definitive Guide: How to Hire a Legal Recruiter for Your Law Firm: How Law Firms Recruit Attorneys Using Legal Recruiters

About Harrison Barnes

Harrison Barnes is a prominent figure in the legal placement industry, known for his expertise in attorney placements and his extensive knowledge of the legal profession.

With over 25 years of experience, he has established himself as a leading voice in the field and has helped thousands of lawyers and law students find their ideal career paths.

Barnes is a former federal law clerk and associate at Quinn Emanuel and a graduate of the University of Chicago College and the University of Virginia Law School. He was a Rhodes Scholar Finalist at the University of Chicago and a member of the University of Virginia Law Review. Early in his legal career, he enrolled in Stanford Business School but dropped out because he missed legal recruiting too much.

Barnes' approach to the legal industry is rooted in his commitment to helping lawyers achieve their full potential. He believes that the key to success in the legal profession is to be proactive, persistent, and disciplined in one's approach to work and life. He encourages lawyers to take ownership of their careers and to focus on developing their skills and expertise in a way that aligns with their passions and interests.

One of how Barnes provides support to lawyers is through his writing. On his blog, HarrisonBarnes.com, and BCGSearch.com, he regularly shares his insights and advice on a range of topics related to the legal profession. Through his writing, he aims to empower lawyers to control their careers and make informed decisions about their professional development.

One of Barnes's fundamental philosophies in his writing is the importance of networking. He believes that networking is a critical component of career success and that it is essential for lawyers to establish relationships with others in their field. He encourages lawyers to attend events, join organizations, and connect with others in the legal community to build their professional networks.

Another central theme in Barnes' writing is the importance of personal and professional development. He believes that lawyers should continuously strive to improve themselves and develop their skills to succeed in their careers. He encourages lawyers to pursue ongoing education and training actively, read widely, and seek new opportunities for growth and development.

In addition to his work in the legal industry, Barnes is also a fitness and lifestyle enthusiast. He sees fitness and wellness as integral to his personal and professional development and encourages others to adopt a similar mindset. He starts his day at 4:00 am and dedicates several daily hours to running, weightlifting, and pursuing spiritual disciplines.

Finally, Barnes is a strong advocate for community service and giving back. He volunteers for the University of Chicago, where he is the former area chair of Los Angeles for the University of Chicago Admissions Office. He also serves as the President of the Young Presidents Organization's Century City Los Angeles Chapter, where he works to support and connect young business leaders.

In conclusion, Harrison Barnes is a visionary legal industry leader committed to helping lawyers achieve their full potential. Through his work at BCG Attorney Search, writing, and community involvement, he empowers lawyers to take control of their careers, develop their skills continuously, and lead fulfilling and successful lives. His philosophy of being proactive, persistent, and disciplined, combined with his focus on personal and professional development, makes him a valuable resource for anyone looking to succeed in the legal profession.

About BCG Attorney Search

BCG Attorney Search matches attorneys and law firms with unparalleled expertise and drive, while achieving results. Known globally for its success in locating and placing attorneys in law firms of all sizes, BCG Attorney Search has placed thousands of attorneys in law firms in thousands of different law firms around the country. Unlike other legal placement firms, BCG Attorney Search brings massive resources of over 150 employees to its placement efforts locating positions and opportunities its competitors simply cannot. Every legal recruiter at BCG Attorney Search is a former successful attorney who attended a top law school, worked in top law firms and brought massive drive and commitment to their work. BCG Attorney Search legal recruiters take your legal career seriously and understand attorneys. For more information, please visit www.BCGSearch.com.