Traits of Future Equity Partners

In addition, a license to practice law is not portable ' it is useless in other countries, and in most cases even other states without passing an exam. MBAs are appreciated in multiple industries and jurisdictions, exponentially increasing their value compared with a law degree. This is not new information ' it's a trend that has continued for over 20 years. I find it astonishing that year after year, people who are notoriously risk-averse bet against the odds and choose a legal career.

The Partnership Track

Most large firms have two levels of partnership: non-equity and equity, with the latter being a step toward the former. The destination of equity partner requires a lot of advance planning, and too often non-equity partnership is achieved without any consideration for how the new partner is going to sustain his or her practice, let alone provide work to develop junior attorneys. So when associates ask about partnership, from day one, we talk about the goal of equity partnership ' which necessarily includes developing business.

While new attorneys should focus on honing their legal skills for the first few years, that should not be to the exclusion of learning to develop business at the same time. A top rain-making female partner said to associates at a women's initiative meeting: “Originations always beat hours. You only have 24 hours in a day. No matter how many hours you bill individually, you will never be as profitable to the firm as someone who brings in enough work to keep three other attorneys busy.” It's simple math.

So, you may ask, how is one supposed to go from being a great substantive attorney to someone who brings in millions of dollars worth of business? Many associates have been refining those skills all along without realizing it. Here are some traits and skills I have observed that future equity partners have in common. They are not likely to be found in any competency model.

Future Equity Partners Pursue Work

By this, I do not mean to say they are always given work, but that they go get it. Future equity partners do not say, “My group is slow ' I am not going to hit my hours,” or “I am not getting interesting work.” Because what that is actually telling other attorneys is that they do not have the creativity or savviness to figure out how to get work. The entrepreneurial drive and hunger that some associates use to keep their plates full at all times are the exact same skills they will eventually use to bring in paying client work. It's hustle, and hunger. These associates do more than send out e-mails asking for work or indicating availability. They knock on doors ' literally. They watch the new matter listing and cold-call partners to ask to be staffed on matters in which they are interested. They study the attorneys they want to be like and find ways to get in front of them.

Future Equity Partners Learn How to Work for Difficult Partners

When an associate complains about a particular partner, at first I smile knowingly as he or she continues for a minute or two, and then I interrupt. Do they think that only nice people hire the firm? That all client relationships are warm? Finding a way to work effectively with difficult partners is the same skill as keeping difficult clients.

Future Equity Partners Invent Resources for Clients

For example, one associate I worked with identified a lack of language skills as an impediment for a client to enter the industry in which she worked, so she founded a language-specific industry association and became its president. She did not ask for permission, and she used her own money to do so. This ingenuity on behalf of clients was key to her success.

Future Equity Partners Invest In Themselves

They spend time learning about what their clients are worried about, what trends client industries are going through, and they spend their own money to be where their potential clients are. While big firms have marketing resources, I have observed that associates who are aggressively pursuing business in non-traditional ways do not ask the firm to pay for it.

Future Equity Partners Sell the Talent of Colleagues

This is the great advantage of a big firm ' there are plenty of high-profile people working on big sexy cases and deals to brag about. And while boasting about one's own achievements is tacky, bragging about colleagues is not questioned. Big firms have plenty of opportunities to cross sell to existing clients. This is a rich territory, and just as valuable to the bottom line as a new origination. I have noticed that it is rarely discussed at the associate level.

Kris Butler is the Senior Manager for Career Development at Holland & Knight.