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'Til Retirement Do Us Part’

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'Til Retirement Do Us Part’

​Traditionally, joining a law firm as a partner was a commitment expected to last until retirement.

In the last year, we have seen more movement among partners who are re-evaluating their fit with their current firms. Part of the decision making process has been around whether to join with another practice, go out on their own or move into a different type of role altogether, factoring in the impact of the current economic climate in doing so.

If you find yourself questioning whether your current partnership is the right fit—due to internal dynamics, the environment, or diverging practice focuses—there may be a more harmonious partnership awaiting you. Similarly, if you're currently practising solo and aspire to join a forward-thinking partnership equipped with the infrastructure to bolster your practice and provide invaluable support, the opportunity could be ripe for exploration.

When contemplating a move into a new partnership, it's crucial to assess several factors:

1. Specialty areas and market trends

  • Reflect on your areas of expertise and evaluate current market trends in those spaces.

2. Clientele composition

  • Review your book of work and analyse the makeup of your clientele.

3. Client transferability

  • Classify clients based on their likelihood of moving with you:

    1. Definitely move

    2. Likely to move

    3. Tentative possibility

    4. Won't move

4. Managed fees and billings

  • Assess your managed fees and billings over the last two financial years.

5. Leadership and management experience

  • Consider your experience in leadership and management roles.

6. Business development experience

  • Reflect on your business development experience and achievements.

7. Client conflicts

  • Identify any potential client conflicts that may arise from a move.

Here at CoLegal, we specialise in facilitating lateral movements for partners, approaching each transition with the utmost sensitivity. If you are uncertain about the long-term suitability of your current firm, reach out for a confidential discussion about opportunities in the market. Your next professional chapter could be just around the corner.