RSS feedsThe future of any business is entirely dependent on the skills of the people who are running that business. Yet, too often insufficient thought is given to the preparation and development of those people who will be responsible for the continued success of the business as the current partners retire. Failure to have a partner development process in place ultimately puts the whole firm at risk.
With succession issues a major problem for many firms, the selection and preparation of the right future partners is vital. The process should start early in the careers of those identified as having potential through the firm’s performance review and appraisal system as well as the recruitment strategy.
Partners should invest time, thought and energy coaching and mentoring. As well as training in the leadership and non-technical skills they will require, all potential partners need to be motivated and have a clear idea of what will be expected from them.
A properly structured partner development process will also help to identify those who have the desire, but not the aptitude for partnership, or those who discover that partnership is not quite what they had envisaged and decide that their career needs to take a different path. There is often a temptation to offer a partnership just to keep someone in the firm, even though they may not be suited to the post, but a formal development programme will help prevent this happening.
One reason why firms lose good quality staff to rivals is that they do not show commitment to helping them develop their careers. Providing a career plan and the training and encouragement to progress will help the firm to become an attractive proposition to the people they need to grow the business now as well as in the future.
Individuals whose ambition relates solely to their own progress may make a valuable contribution to the firm, but not as a partner. A partner needs to be a team player who is concerned with the broader picture. Ambition is a great motivator, but it must be channelled in the right direction.
A partner development programme will help weed out those who are unsuitable and encourage those with potential by concentrating on developing the right attitudes as well as the range of skills that will be needed. The most successful firms are led by partners or directors whose focus is always on the best interests of the business rather than the individual.
In today’s competitive environment new partners should be able to make a contribution to the business from day one. Whether they are promoted from within or recruited externally, they must have a clear view of their responsibilities. Too many new partners are forced into a steep learning curve which fails to adequately benefit the firm, its staff or its clients. A well-planned partner training and induction process will ensure the transition is seamless into an instantly productive new role.
Phil Shohet is a director of Kato Consultancy
