You Love Your Firm, But Your Practice and Compensation are Stuck

“I respect and enjoy my partners but my personal practice is not growing at the firm.”
— Too many attorneys

As a legal recruiter I have often heard from attorneys who find themselves in this very quandary.  This is a tough situation especially if you feel guilty about considering a move.  At the same time it may be impossible to grow your practice if you stay put.

My advice in this situation is dependent on whether you are generating your own work and how important it is to you to have your own clients. These are important considerations from the perspectives of both compensation and personal fulfillment. If your compensation is dependent on your personal generation of revenues, then it is important to identify a platform that is conducive to the continued growth of your practice.

As you search for that platform, keep in mind that there may be another firm out there that has already invested in your practice area, with resulting synergies that can propel your practice to a new level.  Engaging with such a firm will facilitate growing your practice and will result in enhanced compensation and ultimately great personal and professional satisfaction.  You may naturally grow into a leadership role as a result.

In order to achieve your goals it is important to develop a relationship with a trusted advisor who understands the market. Create a partnership so that you can stay abreast of opportunities that are worth your time to consider.

Consider this road map to guide your analysis:

  1. Am I the only (or one of a very few) partner(s) in my practice area at the firm (in my office)?
  2. Do I generate most of my own work?
  3. Do other partners need my expertise?
  4. Am I invited to joint pitches for clients of the firm?
  5. When I analyze my “numbers”, are my billable hours directly relatable to my originated clients?
  6. Does my compensation directly relate to my client originated revenues?
  7. I think I could generate more work and develop more clients if the platform was deeper within my expertise?
  8. I think I have a desire to grow my practice, increase my compensation and my exposure within my industry?

Now please take one more moment and give us, CMW Legal Search, a call to discuss the market as it relates specifically to your stated goals!  Our number is (212) 328-6180.

© 2017 Corrao Miller Wiesenthal Legal Search Consultants, Inc.