Partnership
The early model worked.
You qualified, made partner, had your name above the door, worked on your business, served a small(ish) clientele, cared passionately about super-pleasing and the business provided, in most cases, a sustainable living.
And now?
Too many people chasing too few spots, and their principal motivation is money.
The Changing Role of the Rainmaker
“Toss “lousy colleagues” [bad teammates] out on their derrieres (asses). We will not tolerate less than class-A supportiveness; we will toss out top “rainmakers” who do not subscribe to our teamwork ethic.”
I wish I had the chutzpah of Tom Peters to lay this at your door, but, even with my sometimes ill-tempered rants, I don’t think I am ready (yet) to besmirch the whole of the rainmaker cadre. That said, they are a breed apart: aloof, arrogant, selfish, opinionated and high-and-mighty in their outlook.
Who is Advising the Advisor?
Ideas that spread (if they are WOW, inspirational and memorable), win.
The formula for success of professional practice is a clear demonstration of that, and continues to be so for some firms.
Structurally, though, not much has changed.
But, with the step-change in the industry that is underway, who is advising the advisors?
The idea of Succession – it is just that
I have no sympathy for those firms who ignore succession.
It is bloody obvious.
You have an ageing partner population and clients have tremendous allegiance to your senior fee earners. It is very likely that unless you spend meaningful time cultivating an alternative relationship, they won’t renew their membership of your firm when the partners retire.
What are you doing about it?
