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Questions that should be asked and answered by partners

Many firms are focused on internal issues at this time in an attempt to get their "house" in order for a myriad of reasons including client service; partner unrest; solidifying a base to move forward from; getting their financial affairs in order to be more attractive to potential merger partners; addressing legacy issues; compensation issues; etc.

Stephen Mabey Author

To do this firms are seeking partners' input. Unfortunately, in many cases with limited success.
There is a threefold challenge to this exercise:

  • To ask the right questions;
  • To get a majority of partners to not only answer the questions but to do so with frank openness; and
  • To act upon the answers.

This column will attempt to provide a sample of the types of questions that should be asked and suggest one means of seeking frank honest answers. Without knowing the answers it is neither possible nor appropriate to suggest ways to act upon the answers and in fact the solutions will vary from firm to firm.

The Right Questions

To provide an easier read I have broken the questions down by topic area but please note that some questions can be seen to address a number of topic areas and it is the question and not the insertion under the proper topic area that is important,
Also I would raise two clarifications:

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The underlying premise for such an exercise is to educate yourselves on what your partners are really thinking and as Debasish Mridha pointed out

"If you know the answer then you have knowledge, but if you know why the answer is right, how to find the answer and what is the implications of the answer, then you are educated.

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