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In the tough economic scenario, the law firms are deducing more effective marketing strategies and sophisticated talents for ensuring growth and expansion of legal jobs. The lawyers, both overseas and in the domestic market, are devising all possible measures to transform their law firms and also their careers. There are several factors behind transition that one needs to take a closer look at.
Business transactions like mergers, though stressful, can yield good amount of profits. In the volatile market situation, the partners are required to stay prepared for transition of their clients immediately in case of a merger or take-over. In such cases, veteran partners of the firm who have worked efficiently for a long time are understandable to face cultural stresses. However, they also get the chance of working for a newer and bigger firm, and with all their efficiency and experience they get to build more successful careers for themselves. They are usually given a whole new bunch of alternative opportunities after the merger, says A. Harrison Barnes, the CEO of Legalauthority.com.
Another common dilemma faced by the partners while transition is that billing rates are lower in their current firms and due to the higher billing rates in his new firm he might lose some clients. This is a problem particularly visible when they are transitioning from a small or medium-sized law firm to bigger firms. However, the professional can look at it as a great opportunity. The fact remains that the partner gets a better and larger platform for delivering services to the clients at the bigger firm. They might have to forsake some clients, but should not have too much difficulty in convincing their long-term clients to gradually adjust to the increased fee rates. Confidence and client loyalty count a lot in here. And they can prove useful to their new, bigger law firm by proving their worth there, coming up with innovative ideas which are beneficial to the firms. The bottom line here is, In the process of “upgrading” their firm to a larger one, they can also upgrade their legal career, says A. Harrison Barnes.
The law firms find it lucrative to work with the legal professionals or partners, for they come up with innovative ideas which are beneficial to the law firms. The professional who share long term relation with their client, does not have much difficulty in convincing them to increase the rate structures. This is mainly due to the fact that the partner has a better platform for delivering services to the clients once he has reached the targeted firm. In the process of “upgrading” their firm to a larger one, they make use of sophisticated techniques.
One of the common problems faced by some highly-skilled legal professionals is that due to their wide regard in the group they are entrusted with the thankless job of servicing the books of the others, according to A. Harrison Barnes. This allows them little or no time to build their own books. If such a partner is not satisfied continuously servicing others’ books, he can consider transition to another law firm for getting more opportunities for building his own book. Since the partner hails from a prestigious firm and has excellent client skills, he is well accepted into his new firm and with his wide range of business contacts he can pursue a more satisfactory career after the transition.
Factors which the partners should take cognizance of during legal transition
• The legal professionals are required to find a new mentor for good advice, either from their present firm or from the legal community. • Joining the bar groups or associations in your locality or nearby locations is a good option. • Joining professional courses that appeal to you like CLEs is also advisable. • Attending hearings and trials in the court houses can be helpful. • Start socializing and expanding your business contacts. • Try to be very patient and prudent. • Establish your reputation for being principled and experienced.
Legal professionals should not hesitate to incur short-term losses for long-term gains, feels A. Harrison Barnes. The partner in these situations is simply required to make adjustments in remunerations and perks for a short period. The legal professionals transitioning to a new legal firm, with the help of the scrupulous conscientiousness of the recruiter can shape your ability of bringing in new business smoothly and build your book successfully.
The legal professionals are rated on the basis of their billing rates, track record of the past three years and client billings to determine their value. The law firm ensures that the partner possesses the necessary credibility that are necessary to take the law firm to altogether new heights. The legal professionals can continuously examine and analyze the strength and weaknesses of their personal data and accordingly transit to a new law firm, says A. Harrison Barnes. “Defined Benefit Plans” are provided by some law firms to ensure that employees stick around for years, however, partners must not feel “trapped” because of the additional benefits they are being provided. Partners who get the opportunity to move into new law firms may experience significant alterations in their benefit packages or a sharp rise in their taxes. They are, therefore, required to weigh all the pros and cons before transiting to another law firm.