Partner Development
The future of any business is entirely dependent on the skills of the people who are running that business. We only have to look at major commercial organisations such as Marks & Spencer or Top Shop to see the difference that strong and expert leadership can make. You would think that such examples would underline the necessity for similar leadership skills in professional practices, yet too often insufficient thought is given to the preparation and development of those people who will be responsible for the continued success of the business as the current partners retire. Failure to have a partner development process in place ultimately puts the whole firm at risk.
With succession issues a major problem for many independent firms the selection and preparation of the right future partners is absolutely vital. The process should start relatively early in the careers of those identified as having potential through the firm’s performance review and appraisal system as well as the recruitment strategy for professional staff: looking further than their immediate requirements and seeking to identify future stars right from the beginning.
Partners should invest a considerable amount of time, thought and energy coaching and mentoring. As well as training in the leadership and non-technical skills they will require, all potential partners need to be motivated and to have a very clear idea of what will be expected of them when they reach their goal.
A properly structured partner development process will also help to identify those who perhaps have the desire, but not the aptitude for partnership; or those who discover that partnership is not quite what they had envisaged and decide that their career needs to take a different path. There is often a temptation to offer a partnership just to keep someone in the firm, even though they may not be suited to the post, but a formal development programme will help prevent this happening.
One of the major reasons that firms lose good quality staff to their rivals is that they do not demonstrate commitment to helping them develop their careers in the firm. Providing a career plan and the training and encouragement to progress will help the firm to become an attractive proposition to the people they need to grow the business now as well as in the future.
Individuals whose ambition relates solely to their own progress may well be able to make a valuable contribution to the firm, but not as a partner. A partner needs to be a team player who is concerned with the broader picture. Ambition is, of course, a great motivator, but it must be channelled in the right direction.
A partner development programme will therefore weed out those who are unsuitable and encourage those with potential by concentrating on developing the right attitudes as well as the wider range of skills that will be needed. The most successful firms are led by partners or directors whose focus is always on the best interests of the business rather than the individual.
In today’s competitive environment new partners in a practice should be able to make a contribution to the business from day one. Whether they are promoted from within or recruited externally, they must have a clear view of their responsibilities. Currently too many new partners are forced into a steep and difficult learning curve which fails to adequately benefit the firm, its staff or its clients. A well planned partner training and induction process will ensure the transition is seamless into an instantly productive new role.