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<b>Corner Office: </b>Who's Running The Store?
To understand why many managing partners might have difficulty answering this question, one needs to examine the resource pool within law firms from which managing partners are chosen. Among the popular choices are: those with the biggest books of business, the most widely recognized reputations, the best rainmakers, the best lawyers and the most effective client service partners. Most partners feel that anyone who has attained any of those levels practicing law ought to be just as proficient at running a law firm. Not quite!
Many years ago, I met with a senior partner of a troubled major Wall Street firm who had recently been elected its managing partner. I asked how he got selected and what he felt qualified him for his new job. He paused thoughtfully and said: 'I really don't have any qualifications other than I'm the only one to whom all the partners speak.' Sadly, within 3 years this once venerable firm closed its doors and dissolved.
Usually, partners who have the most value to the firm as practicing lawyers are plucked, at the peaks of their careers, from doing what they are best at to run the firm. Seldom do they have any management skills or training to run a business, let alone one as complicated as a law practice.
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