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Checklist for a New Partner; or, the 12 Most Important Things for a New Partner to Do
The late Supreme Court Justice Harry Blackmun once said: 'A wedding is an event; a marriage is an achievement.' Much the same could be said about the attainment of ownership in your professional practice. Your ascension is an event; partnership is an achievement. And so the analogy goes that a law firm partnership is much like a marriage, and a breakup much like a divorce. Life repeats itself in business. But as newly minted partners settle into their new roles, this article provides guidance (some serious, some lighthearted) to begin what I hope will be a long and satisfying achievement ' a partnership. Congratulations.
The 12 Most Important Things for a New Partner to Do
1. Ascertain objective standards for partners regarding billable and total hours, collections, billings, origination, training, marketing, management, etc. Performance management of economic and non-economic contributions at the ownership level is becoming more common in the legal profession. Such standards were critical for your promotion. The standards will evolve over time, and the expectations of you will evolve as you continue to develop in your career. Your tenure as a partner will depend on consistently meeting performance standards.
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