In today’s competitive marketplace, and with the client scrutiny that impacts many firms, it is more critical than ever that all lawyers contribute to the growth of their law firms.
On the Managing Partner Forum this month, there is an article by Gail Crosley, CPA that was pretty darn good about pointing out the differences between drivers and passengers, and their respective contributions (or lack thereof) to the growth of their firms. Being an accountant, presumably she was talking about accounting firms; but the analogy is just as applicable to law firms.
She talks about how drivers:
- exercise initiative;
- assume a leadership role;
- develop or expand a practice area; and
- take the firm in a favorable direction;
In the legal world, I like to refer to drivers as rainmakers. Those partners who contribute little in terms of marketing and business development are pretty much along for the ride; thus, simply passengers. They rely on others to keep the work coming in, and expect it will always be that way.
In the New Normal, that approach is not viable or sustainable. Partners who rely on other partners to support their practice by giving them work will find it increasingly difficult for their partners to continue doing so. Other more junior lawyers at lower rates will be given the work, if for no other reason that clients will/are refusing to pay the higher rates.
The result is not pretty. The non-rainmakers will be de-equitized, paid less, or, as is often the case, asked to leave. In the first month of this blog’s existence (January 2005), I wrote a post entitled “Rainmakers Don’t Get Fired!” It is no less true today, but in Crosley’s parlance, I should say that drivers won’t be left behind, but there will be less and less room for passengers.
It seems pretty straight forward then, that you should become a driver in your firm, if you are not already.