Monday, November 25, 2013
Our students need to be aware that the practice of law is a business in which the finances often dominate. They need to watch out for themselves. Sorry to sound so negative, but consider the findings of a recent survey by ALM Legal Intelligence:
* According to firms, the top reason for laying partners off or encouraging them to leave was their "inability to develop and cultivate new clients or originations or to sustain a book of business." The next most commonly cited reason was "no real commitment to the firm."
* Seventy-seven percent of partners who were pushed out reported hearing about their performance problems for the first time when asked to leave.
* Only one in ten partners who were asked to leave subsequently received help from the firm in transitioning to another job.
* Lawyers found their newest position through their personal network 62 percent of the time and through a headhunter 31 percent of the time.
According to ALM: "The overall message is that to attract the talent they need and maintain internal morale and external business opportunities, law firms need a more structured alignment between strategy and HR practices."
The full text of "Up or Out: When Partners Have to Go" is available at http://almlegalintel.com/Surveys/UpOrOut.