First 100 Days - Transitioning a New Managing Partner - (Page 19)
time to understand the personalities of partners and PGL's, and how they
affect the operations of t h e firm. It takes a long time to understand
the benchmarking, both objective and subjective, of y o u r firm against
peers. It takes a long time to understand how to sell lateral partners and
how t o separate the good ones from the bad. It takes a long time to know
when you are being rolled b y your partners and when you are not. I could
go on. I think it is important to identify priori- t i e s , but beyond
that I would spend a lot of time talking to partners, PGL's, your
Executive D i r e c t o r and others just getting a feel for day-to-day
problems. I would attend every meeting I c o u l d at the operational and
PG level. I would ask my Executive Director to walk with me all day a n d
teach me. I would visit every office and get to know key personnel and the
culture. There is n o t h i n g more damaging than trying to come across as
knowledgeable when you are not, or taking p o s i t i o n s 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. T h e y are always glad
to do it, and I have developed a core of close relationships as a result.
They a r e 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. N e w leaders often think they can make great
changes just by having the will to do it I certainly d i d .
Unfortunately, when your inventory can walk out the door, compromise
becomes the name o f the game. Cultivating strong and supportive
relationships with key partners is an absolute n e c e s s i t y to
forging positive compromise you need clout and backing. F r a n c i s M .
M i l o n e Firm Chair Morgan, Lewis & Bockius LLP Philadelphia D o your
job. What I mean by that is do not shirk from what may be unpleasant. Part
of l e a d e r s h i p is doing what needs to be done when it needs to be
done. We all like to work on t h i n g s we like and put off ones we
don't. That's not an option for managing partners and partic- u l a r l y
not in the early days when you must establish your credibility. And, don't
get discouraged. L a w y e r s are conservative by nature and your
brilliant insights for how to finally get the firm to r u n like a
business may not be received with the ringing endorsement you expect. J e
r r y H . B i e d e r m a n Managing Partner Neal, Gerber & Eisenberg LLP
Chicago N e w managing partners have to resist the temptation to take on
the most pressing issues f i r s t because they are likely to be the most
difficult. If you fail early, everything you try after 19
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