Young partners leave when older partners won’t market
August 3, 2009
Clear (sad) trend: this week I ran into another established firm where the mid-career partners are about to leave to form a new firm. These lawyers, in their late 30s and early 40s for the most part, were mentored and have practiced for most, if not all, their careers at this firm.
The founding and senior partners do not want to invest in marketing– which every study shows would be a good move now— or in the facilities or new technology (and it is showing in the firm’s financial results.) The senior members of the firm are slowing down and want to maintain their income but question cost and value of what they see as long-term and capital improvements.
We are seeing this situation more and more. Everyone involved is upset.
Striking a a balance between the needs of both groups is key. And, made easier if a marketing plan can be agreed to.