Law firms: Can all of your partners answer this question?

Partners are in demand. Lateral partner hiring is now a key part of a firm’s ability to meet its growth plans. It’s a tried and tested route and arguably the vital link in how firms have developed over the last decade. This means firms not only need to keep partners from venturing away, but attract new partners into a firm.

There has been a lot of focus on the retention part.

Firms are:

• promoting and building culture
• supporting their lawyers with an array of benefits
• adapting to hybrid working
• showing their accolades and awards
• promoting marketing trips and spend.

Each of these aspects are important to keep the lawyers feeling that both they and their practice are invested in and allowed to flourish. Yet there is one question which can leave partners disillusioned.

“What is the firm’s strategy?”

There may well be a clear strategy. The management are clear on where the firm is going. But do all of your partners know what it is? Could ALL of your partners explain the firm’s strategy today?

One of the most common reasons for partners looking for a move is because they’re not clear on the firm’s strategy or how they fit into this.