At this expanding national firm they are in the process of going through somewhat of a ‘generational shift’ with a number of relatively senior Partners who are approaching or have commenced succession proceedings for their practices. In in this instance in the form of a Partner for clients in the employment, industrial relations and safety practice. With this cultural transition they have a number of younger Partners and Special Counsel on the 'upswing' which is injecting youth and enthusiasm into the group.
They have an experienced Special Counsel who is not looking to take on Partner level responsibilities therefore they are looking to laterally attract a Partner to take the lead role for the group and drive the business unit; both from a technical and external marketing perspective. The nature of the firm and clients to inherit means it would suit a Partner with entrenched institutional clients.
A key difference within this setting is that individual teams run as separate business units. Effectively, this brings the locus of control over a key decisions to the heads of that unit, namely the Partners. They are therefore run highly autonomously, with Partners setting charge out rates, staffing levels, and other business decisions.
This setup also has a direct impact around equity, with there being a two part set-up; one from the profitability of the business unit and one from the wider firm’s performance.
The firm is operating from a strong cash positive position. They have been steadily growing in recent years but have done so in a considered manner, strengthening their core areas. This financial position and managerial autonomy in business units has proven to be quite lucrative for practitioners.