Business Plans during law firm courtship

Nothing polarizes partners on the market more than business plans. Many have noted the wide variety of template business plan questionnaires that law firms throw our way as partner recruiters - these can vary from the proverbial one pager to a never ending monstrosity and everything in between “just some high level figures” and “we’d love her/him to do a quick one-pager”.

Partner A regards the request to delve under their practice building bonnet as intrusive and burdensome, Partner B sees it as a great opportunity to showcase their portable book and a useful housekeeping exercise, after all, their current firm will want them to have a good grasp of their financial contribution in this age of scrutiny that we find ourselves.

The interesting thing is that the above dichotomy is not always correlated to the level of desire that the Partner has to switch firms- sometimes they may be desperate to move but equally reticent about filling out the dreaded questionnaire.

One thing is for sure- the edge that Partner B has in the recruitment process should not be underestimated- interviewing firms are always particularly impressed and appreciative when the candidate fluently articulates their business case, both from the perspective of thorough attention to detail, but also the can-do mindset.

It would not be an exaggeration to say that this filters through into the offer level/ equity points level negotiation and Partner B will always have the edge in maximizing the compensation package realistically available for their level of contribution and business case.

So the message is a simple one- the business plan- embrace it, relish it and it will be your staunchest ally.

For more information, or to arrange a strictly confidential discussion about the market please contact Jason at Jason.mann@redlawrecruitment.com