Most associates don’t think about their exit strategy until they’re running for the door.
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Law was originally an apprentice-based profession. You would join a law firm as a green law clerk directly out of law school, and a partner would take you under their wing. Five to seven years later, you would become a partner yourself. When your mentor retired, you would naturally inherit his book of business, as you had already developed relationships with all his clients. (I use “he” intentionally here.) And then you would begin the process of shepherding your own guileless young associate into the milieu. And so the life cycle of the firm would continue ad infinitum.
Most young lawyers are probably savvier than I was. But this is what I actually thought was going to happen when I graduated from law school. I didn’t realize that most people never make partner, let alone equity partner. I thought not making partner was a doom reserved for those who slacked off.
No one ever told me that to ensure my future success as a law firm partner— in addition to joining the best possible firm, learning the law and mastering my professional duties — I should focus on business development too. Otherwise, I’d find myself unpromotable, without a book of business or a viable exit strategy.
This Could Be Heaven, or This Could Be Hell
Now, as a legal recruiter, I often see lawyers who have stayed too long at their current firm and lack a book of business, illustrating the Eagles’ famous line, “You can check out any time you like, but you can never leave.”
The strange thing about these lawyers is that, for the most part, they’re overachievers. They have good reviews and have always made their bonuses. Yet, often they are underpaid, as they sit beneath lateral hires who are being enticed to come over. While these lawyers are clearly talented, their No. 1 complaint is that their supervisors still see them as worker bees to do their grunt work. They are too valuable to promote. Most feel a misplaced sense of loyalty to the partners who trained them, often accompanied by disbelief that their mentors have not carried through with the implicit bargain to promote them for doing “good work.” These lawyers feel betrayed and stuck.
Did they wait too long to plan their exit strategy?
Signs It’s Time to Leave Your Law Firm
Here are some of the most common signs that it’s time to check out, followed by ways to make yourself marketable when you want to leave.
- The people in charge of your advancement keep dodging your questions, or keep saying you are “next in line.”
- Leadership has told you there are things you could improve upon, but you’ve done those things, and there’s still been no movement.
- Many people in your class year have already advanced.
- The firm has hired laterally for a spot you think you could have filled.
- Your hours are low because of a lack of work.
- There is a high turnover rate in your group or at the firm. This is a sign that bad things are likely happening or are imminent at the management level.
- You have no support, making it difficult to focus on business development or carry out more sophisticated tasks that will help you achieve your career goals.
- Your group has no opportunities for advancement. The group is fully staffed at all levels with no signs of anyone approaching retirement or leaving.
- You are being underpaid compared to other lawyers in your market.
- There are no opportunities for developing a portable book of business, either because you have limited client contact or the clients are all institutional.
How to Make Yourself Marketable, Starting Now
If you identified with one or more of these factors, you may feel stuck. You might conclude it is too late to leave because you don’t have your own clients or contacts. It’s true: Lack of a book is, by far, the most significant reason lawyers are unable to leave their firms. But there is still time for business development.
If you’re thinking of leaving your firm (or just don’t want to bury your head in the sand), here are a few actions you can take to be proactive about business development.
Start as early as you can to cultivate relationships with clients.
Call clients whenever you get the chance. You want to be the person who knows their kids’ names and whether they’re on vacation this week. You want to be the point of contact. You want to feel confident that if you ever left, there is at least a chance they’d toss some business your way because they have come to rely on you. Even better if they like you or consider you a friend.
Think of contacts you can bring into the firm or who may be good clients in the future.
They don’t have to be the firm’s largest clients, but at least you’re showing a capacity to develop business. While some of your contacts may be too junior to be in charge of hiring decisions, perhaps they can make an introduction to their bosses for you. Even if the potential client cannot afford the firm’s rates, maybe you can get a discount or do some pro bono work for them. Nurture these relationships because these people are the future leaders of their companies. These long-standing relationships will pay off once these people are given the authority to decide who to hire as counsel.
Attend client lunches and events, be on conference calls and go with senior partners on pitches.
You need to be involved in these kinds of activities for two important reasons: 1) so you can learn the art of managing client relationships in person, and 2) so you can ensure clients connect your name with your face. If they get to know you, they are far more likely to see you as a trusted advisor and not just “that associate” or “that junior partner.”
Is Loyalty Dead in Law Firms? Not Completely
It is true that law has moved away from the pure apprenticeship model and that equity partnership is much rarer than in decades past. It is now more of a business, and, like any other business, law is driven by profit over loyalty. This is why the lateral market is so active. Yes, working hard and impressing leadership will always be important, but it is not enough to ensure success in your legal career. This is why it is so important to start thinking about your exit strategy early in your career. That doesn’t mean you will have to use it. But when it’s time to check out, you want to make sure you have portable clients, so you can actually leave.
Last Thing I Remember, I Was Running for the Door
No matter where you are in your career, when it’s time to leave your firm, you want to do it on your terms. For more advice on getting clients and building your book of business, as well as exiting ethically and without burning bridges, read these popular Attorney at Work articles. – The Editors
- Business Development Starters for Associates by Sally Schmidt
- Years One to Five: Business Development Playbook for Associates by Ross Fishman
- Advice to New Associates on Becoming a Rainmaker by Mike O’Horo
- 17 Things I Wish I Knew as An Associate by Jay Harrington
- Building Your Network: You’ll Regret Not Starting Sooner by Jay Harrington
- Showing Up: How to Boost Young Lawyers’ Success in a Hybrid World by Meyling Ly Ortiz
- Stagnating? 3 Tips on Getting the Training You Want as a Young Lawyer by Meyling Ly Ortiz
- Tips for Developing Business as a Young Lawyer by Meyling Ly Ortiz
- Selling Legal Services Is Hard: How to Get Over the Fear and Keep Going by Jay Harrington
- Young Lawyers: Use This Process to Figure Out If It’s Time to Exit Your Firm by Meyling Ly Ortiz
- Ethics of Leaving Your Firm: Aim for a Joint Notice to Clients by Mark C. Palmer
- How to Become an In-House Lawyer: Five Tips for Starting Off Strong by Meyling Ly Ortiz
- Six Signs It Might Be Time to Quit Your Job by Joan Feldman
Getting Clients: An Essential Guide for Lawyers Starting Out or Starting Over
BY MERRILYN ASTIN TARLTON
The biggest obstacle to building a book of business (besides more time!) is knowing where to start. Getting Clients makes that the easiest part, with straightforward and knowledgeable guidelines, worksheets and the necessary sense of humor.
Image © iStockPhoto.com.
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