Aon | Professional Services Practice
So, You Want to be a Managing Partner...
Release Date: March 2023 There’s a knock on your door, it’s “The Firm”. You are under consideration for the position of Managing Partner (and you may have floated the idea). You are honored, humbled and excited.
But are you the best choice?
Take a long look at yourself and, above all else, be honest with yourself.
Do you have what it takes?
What do you see in the mirror...
- a thirst for power
- a “me-first” attitude
- personal compensation is of primary importance
- a tendency toward creating or promoting anxiety in team members
- a tendency toward temper tantrums
- a need for control
- uncomfortable being “out front” on decisions
- procrastination
- an insatiable need to share information?
...then walk away from the managing partner role for the good of the firm.
But if you see...
- calmness under fire
- leading without fear
- admitting mistakes early
- the ability to make tough decisions in a timely manner
- a willingness to share credit and to shoulder the blame
- a thirst to continue to learn
- the ability to sublimate yourself
- for the good of others
- discretion at all times
- the ability to withstand being misquoted and vilified by your own partners
- an openness to the possibility of working more in general, working less on client matters, and potentially earning less
- a sense of fairness
- a desire to remember everyone’s name at the firm,
...then embrace the opportunity.
Long gone are the days where the largest producer ascends to the “throne”. Gone also are the “good old boy” days. Diversity in leadership has been embraced. It is no longer about the legacy of the Managing Partner, but about the legacy of The Firm.
If integrity and empathy are a part of your DNA, you are off to a good start. Work to make the large issues small, and do not let the small issues become a focus and time consuming.
Partners often think short term, a “this year” mentality, but as the leader you must stay focused on the long-term health and growth of the firm. There is a need to successfully manage the balance between creating white space for strategic issues and day-to-day management. Delegate whenever possible to nurture future leaders. Share your vision to build a consensus and support among leadership.
Being a leader is a tough job. You will know if the shoe fits. Enjoy the challenge and grow with it to positively affect your firm and everyone who works in it.
(The author would like to acknowledge and thank former and current law firm managing partners who contributed to this article.)
Contact
The Professional Services Practice at Aon values your feedback. If you would like to discuss any of the topics raised in this article, please contact George J Wolf, Jr.
George J Wolf, Jr
Managing Director
New York
