Embarking on the role of a junior partner within a law firm inevitably will present some challenges, ranging from minor hurdles to significant obstacles that might warrant strategic navigation to maintain your personal career goals.
Understanding the primary reasons why partners choose to move to a different firm upon gaining that converted title can provide valuable insights into navigating potential hurdles.
Here are the 4 main reasons junior partners move firms:
- Lack of Collaboration: Effective collaboration amongst partners is essential for driving productivity, fostering innovation, and delivering client services. When you are unable to collaborate effectively with your colleagues, (this could be due to culture, working policies or differing options amongst management) it not only hinders professional growth but also leads to frustration and dissatisfaction. Consequently, junior partners seek opportunities where collaboration is valued and recognized as an important factor in achieving collective success.
- Compensation: While compensation is not a significant factor behind a partner’s decision to move firms, it goes beyond simply seeking a higher salary. Partners are often motivated to explore new opportunities due to a desire to increase billings and enhance your earning potential.
Sometimes, partners will take less money in base compensation at a new firm for the promise of a longer-term opportunity. BigLaw partners have been surprised to learn that they can significantly increase their earnings in base salary and bonuses by joining AmLaw100 – 200 firms. (Michael McGinnis, LA Principal Consultant)
- Resource Limitations: Junior partner who aspire to increase billings or range of clients, may be hindered if their current firm lacks adequate resources. As a result, business development becomes challenging, and they seek an environment where they are better supported.
Are you in doubt of whether your firms’ resources might be limiting you? Here are some key questions to ask yourself:
- Has your work declined due to your firm’s lack of capabilities and expertise?
- Has a client not provided you with work because your firm is not known for that practice area, leading them to take their business to another firm known for this practice?
- Does your practice and business span nationally, while your firm is only able to provide you with regional support?
- Conflicts: Conflicts between current and potential new clients are prevalent in large law firms, where they are working across a variety of sectors and practices. This can impact a partner's ability to represent significant companies and secure new business opportunities. If this becomes a reoccurring problem, partners tend to seek an environment where they can onboard new business more seamlessly.
For support in navigating current concerns or potential firms that could present a better fit for your individual long-term objectives, reach out to our expert partner consultants Michael McGinnis.
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