The NXT Big Thing - Vol. 1, No. 3 - July, 2006 - (Page 25)

Lois M. Van Deusen, Managing Partner McCarter & English, LLP Newark If one has never been a manager of a law firm it is amazing how much you don't know. You can intellectually understand the five levers of profitability, but it takes a long time to understand how those levers act in different Practice Groups in different circumstances, and how they can be manipulated to create seemingly good PPP numbers that in fact are not healthy. It takes a long time to understand the personalities of partners and PGL's, and how they affect the operations of the firm. It takes a long time to understand the benchmarking, both objective and subjective, of your firm against peers. It takes a long time to understand how to sell lateral partners and how to separate the good ones from the bad. It takes a long time to know when you are being rolled by your partners and when you are not. I could go on. I think it is important to identify priorities, but beyond that I would spend a lot of time talking to partners, PGL's, your Executive Director and others just getting a feel for day-to-day problems. I would attend every meeting I could at the operational and PG level. I would ask my Executive Director to walk with me all day and teach me. I would visit every office and get to know key personnel and the culture. There is nothing more damaging than trying to come across as knowledgeable when you are not, or taking positions that later prove to be ill conceived. Don't let the 100-day challenge force precipitous decisions. I would encourage a new MP to reach out to experienced MP's of other firms and ask for help. They are always glad to do it, and I have developed a core of close relationships as a result. They are an excellent source of knowledge about new developments and new ideas. I would emphasize how important it is to be prepared to live with and facilitate compromise. New leaders often think they can make great changes just by having the will to do it I certainly did . Unfortunately, when your inventory can walk out the door, compromise becomes the name of the game. Cultivating strong and supportive relationships with key partners is an absolute necessity to forging positive compromise you need clout and backing. 25 First Hundred Days: Transitioning A New Managing Partner - Patrick J. McKenna

Table of Contents for the Digital Edition of The NXT Big Thing - Vol. 1, No. 3 - July, 2006

The NXT Big Thing - Vol. 1, No. 3 - July, 2006