Partner Change…. Evolution or Revolution?
No, I’m not talking about attending a Swingers Club, I’m talking about the challenge and opportunity within firms that have Partners joining or departing the firm. Partner Change within your firm can be an evolution or a revolution.
The Senior Partners I meet and hear about typically:
- Have an enormous amount of knowledge and insight that is ideally shared with the young guns (if only they’d listen)
- Not wanting to invest in new or seemingly untested marketing activities because they have a secure client base and don’t need or want more work
- Not willing to learn about new technologies that introduce efficiencies into the firm
- Only focused on billable time and not on investing in business development activities
- Happy to continue to invest(?) time attending traditional networking events… just for fun and ignore new opportunities like LinkedIn
And frankly I don’t blame them, they’ve put in the hard yards, can see the finish line just ahead and deserve the right to stay the set course. Partner change isn’t high on their agenda.
The “young guns” and new Partners on the other hand:
- Are keen to grow the firm and hungry to learn innovative ways to do so
- Aren’t into networking with the “boys at the golf club” and would prefer to invest time on LinkedIn
- Can see the value in building an online audience (although struggle to write engaging content)
- Want everything done yesterday and could learn from the more mature experts about the fact that it’s a “long game.”
We’ve worked with these “young guns” so frustrated with the lack of momentum from the senior partners that they have left the firm and started a new one; now that’s a high level of frustration; clearly revolution!
At the end of the day, the firms that manage the succession evolution well are those that have an open and honest dialogue with all the stakeholders, get strategic counsel from external experts where necessary and keep laser focused on delivery outstanding client outcomes while all this is happening around them.