I spent much of Q4 discussing numbers – metrics – in various contexts: compensation, partnership and leadership elevations, lateral partner decisions, and more. Whether conversing with a leader who was facilitating their organization’s decision-making or with an individual advocating for themselves, “the numbers” always serve as the starting point. However, as I remind my coaching clients, “the numbers” never tell the whole story.
Just as seasoned litigators know the value of a piece of evidence comes from its holistic impact on the client’s case, the purpose of “your evidence” – your numbers – is to bolster your own “case” as a whole. With a fresh year ahead, the following coaching insights may help you shape the compelling story that you want your next end-of-year metrics to tell.
Law Firm Partnership Today
The vast majority of big law firms are expanding their ranks of income partners and counsel so they can woo and keep experienced lawyers. That’s a big deal, especially for firms whose names have long been synonymous with single-tier partnership and lockstep partner compensation. SEE LINK. For many aspiring partners and counsel (and for groups considering a lateral move), that’s welcome news.
Almost all firms use metrics (billable hours, collections, realizations, originations, working/ billing/ managing attorney hours, and more) to make decisions. But I regularly see lawyers – at all levels of seniority – misconstruing their numbers’ value. Some lawyers overstate it by, for example, assuming that high billable hours guarantee success even when those hours were lower-quality work. On the other hand, I’ve also seen people overstate the value of numbers (such as a talented and well liked senior lawyer with desirable expertise fixating on their lack of portable business although they’d likely attract meaningful business with the right platform).
To understand what any number means (or should mean), consider the big picture. Lawyers choose to join firms – partnerships – instead of practicing solo because they expect the autonomy they surrender to be exceeded by the benefits: improved/expanded client relationships, higher compensation, and supportive colleagues.
Whether you’re making the case for yourself (self-evaluation, compensation memo, leadership election, partner credential memo, etc.), or considering others’, the most important thing about certain numbers is what they represent. When lawyers consider who they want as their partners, they’re not looking for a spreadsheet. Rather, they’re looking for people they trust and like, whom they expect to give more than take in the long run.
The Value You Bring
These questions that I ask my clients (whether a leader making a decision, or an individual self-advocating) help reveal answers to questions that spreadsheets simply can’t:
- How are you showing your legal, technical and professional excellence?
In your 2024 end-of-year communication, make sure to share examples of you having the legal skills, judgment, ethics, professional skills and emotional intelligence to first-chair matters and manage clients with minimal supervision. If you’re the first person the client calls, make sure everyone knows you’ve earned that level of trust. If you’ve pushed yourself out of your comfort zone (cross-examining an expert witness, taking the lead in a monster deal negotiation, presenting the case to regulators, etc.), share that and, when appropriate, respectfully ask for more such new responsibilities.
You want to show everyone they can count on you to make them look good, that you’ll do their hard-earned clients’ work with competence, great judgment and top-notch communication. Ultimately, when partners retire, they’ll want to know you’ll burnish the legacy of the firm they worked so hard to help build.
- How are you showing that your economic contributions will be net-positive and grow over the long term?
Business generation, broadly speaking, comes from two things: your “brand” and your relationships. Your brand – your reputation – has two components: internal and external.
Your first priority is internal: your colleagues (at all levels) must want you to work on their matters. This “internal BD” is what will get you the most robust experience, meaningful feedback, future internal relationships, and, crucially, the emotional investment in you that’s needed for multiple partners to become your sponsors.
Your external brand usually grows from your internal brand. By helping colleagues with BD such as public writing and speaking, you learn and deepen relationships while adding value. (All partners know that their colleagues’ writing and speaking reflects well on the firm and, by association, on them.) You can also show value by volunteering for less glamorous roles in industry, bar, and community organizations. Many prominent lawyers started out that way.
If you don’t yet have your own book of business, publicize the actions you’re taking to build relationships with potential clients and referral sources. Seek guidance from your practice group leader or business unit head: ask thoughtful questions (and listen carefully to the answers) that show you’re savvy and eager to bring in business that aligns with your firm’s rate structure and strategic priorities. Stay connected with former colleagues, classmates, and adversaries.
Ultimately, your goal is to become “board-safe,” which means that any client contact should feel comfortable putting you in front of their company’s board of directors or C-suite. In other words: your reputation will be such that no one would question their judgment for having selected you.
- How are you showing that you’re a great colleague who shares this specific firm’s values?
Your narrative should lead the firm to conclude that it would be lucky to have you –as a human being, not just a lawyer — choose it.
Everyone – organizations as well as individuals – wants to feel chosen and not “settled for.” Show the firm you see it as more than just an employer. Most senior leaders worry their top talent will flee at the first enticing lateral offer, so communicate how and why you want this firm to be your long-term professional home.
This is where your metrics also tell a story about your colleagues’ loyalty to you: they show the extent to which your colleagues (upstream and downstream) want to work with you. If your numbers don’t yet reflect the narrative you want, try regularly requesting and acting on feedback to demonstrate your growth mindset and humility. Similarly, when you become known as someone who takes the time to give meaningful feedback to those you supervise, you show your willingness to invest in and prioritize the future of the firm.
If your numbers don’t show a track record of values alignment and you want them to, craft an explanation and a plan. And if your numbers suggest a misalignment of values – for example, if you want to bill X hours/year or intend to bring in $X of business but the firm expects a lot more from its partners – it’s time to be honest with yourself. (If your firm isn’t making decisions in your favor, a values misalignment could be why.) Maybe your stated goal of partnership at this firm isn’t really what you want; perhaps you’d be happier with a Counsel title or even at a different (or no) firm.
Asking yourself the hard questions now will set you up for long-term success that is on your terms. Using your narrative to tell the values alignment that your numbers show, makes your case as a trusted colleague.
Reprinted with permission from The American Lawyer. © 2023 ALM Media Properties, LLC.
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