So-Long and Thanks for the Fish
Posted By Rob Millard - 1 Comments -
A Law.com article, Firms Act To Keep Partners From Jumping Ship says that just over 4500 US law firm partners have 'jumped ship' from their firms in the past two years. Given the onerous passage to partner in just about any decent firm and the fact that only the cream would therefore be expected to make partner, this is worrying.
Key to any strategy is to have the right people in place to be able to execute the strategy. If firms are bleeding top (partner) talent at such a rate, then this is something worth addressing.
The article blames "the lure of the mighty dollar" as often being the culprit and yes, "more money" certainly is a common issue. But often this is a label of convenience. The real reasons lie deeper.
"Ultimately, this is an age where people can go next door at any time," said Cesar Alvarez, president and chief executive officer of 1,482-attorney Greenberg Traurig. Because ethics rules prohibit law firms, unlike other businesses, from requiring their workers to sign noncompete and nonsolicitation agreements enforceable if they leave, attorneys generally are freer to move about than other professionals, Alvarez said.
That, coupled with explosive growth that has changed the composition and culture of many law firms, likely accounts for the increase in lateral activity.
But it is clear that this is not always the case. Cultural differences, especially post-merger, are another issue that the article highlights.
One of the keys to preventing lateral defections, Alvarez said, is to keep attorneys from feeling isolated. When partners feel like they do not have support and help from colleagues and management, they start eyeing the exits, he said.
"Subtle evolutions" at law firms over time whittle away a partner's devotion to a firm, whether they are management changes, office locations or increased conflicts of interests among clients, said Stief, who also serves on the Philadelphia-based firm's lateral integration committee.
In addition, Stief points to the diminished stigma of partners who leave firms. "You're just not seen anymore as a pariah who abandoned your colleagues," he said.
Firms that provide attorneys with the opportunity to advance their practices garner the most loyalty from partners, he said, adding that such loyalty is not simply a function of a partner's ability to make money."
Well worth a read.
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I see there is another fan of Douglas Adams out there. Thank goodness we are "mostly harmless"! Do you get the feeling that some law firms are managed using the SEP, "someone else's problem", approach?