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Young Partners Need to Embrace an Ownership Mentality
Firms promote associates to partner and then expect them to "act" like a partner. Acting like a partner is an unclear declaration and can cover a wide range of expectations. One of the most important expectations for these newly minted partners is for them to have an ownership mindset. The mindset of a business owner is not something that comes naturally, nor is it in any way developed through the associate years.
The number one reason for this lack of ownership mentality is that "most lawyers aren't raised to think of the practice of law as a business," says Elaine Fitch of Kalijarvi, Chuzi, Newman & Fitch. "They become lawyers because they want to be lawyers, not business owners."
Another obstacle to developing an ownership mentality is lack of training. Most law schools do not include any education or training in the business of law, and that is unfortunate. "The consequences of the lack of this training often shows up down the road," says Brian Temins of Minden Gross. "Making the transition to owner isn't as easy as just changing a title — training and preparation need to go into it."
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