Should I stay or should I go? Partners: ask yourselves these 10 questions

Most firms are whispering, rather than shouting from the rooftops, but post-Covid, law firms’ turnover and profit has not only improved but – in many cases - has shot up quite dramatically. Not the type of thing that law firms would previously have been shy to broadcast, but in the Covid climate, it hasn’t been seemly to trumpet it too much. But this is changing as firms are breaking ranks in a bid to lure sought-after partners across to them in a highly competitive lateral partner market.

Data shows that firms are hiring in excess of pre-pandemic levels. In short, partner demand is no longer in question and it is not a matter of whether firms will hire, but by how many. This, coupled with the loosening of bonds with partners who have shifted working patterns – often along with long held attitudes and habits – means that it creates the perfect market conditions for a partner to assess their options within the market. But if you are a partner, why move now when your current firm is doing well, PEP is strong and you are very busy with your own client work. Is there even time to take stock? Here are 10 questions to consider whether to consider a move:

1. As law firms become increasingly sector focused, are your current firm’s sectors aligned to your focus?
2. Where does your practice fit into the firm’s strategy? At the heart, or on the periphery?
3. What level of investment is being made to support you and your practice?
4. Does your current firm offer all of the support services that your clients need?
5. Does your firm value your clients and are they aligned with the firm’s other clients and aspirations?
6. Do you consider that you are remunerated fairly? And are you clear about your trajectory within your firm?
7. Does your firm have a clear vision and does this align with yours?
8. How is your firm building for the future? Do you see yourself and your practice featuring in this future plan?
9. Can your firm meet your professional goals for the foreseeable future?
10. How has your firm adapted since Covid and does this accord with your preferred way of working?

It is always worth assessing whether you are best served in your current role, whether your answers lead you to continue with your career in your current firm or to consider something further afield. If you would like to have a confidential discussion with me to understand the market and the opportunities within it, please do get in touch.