The Importance of a Support Mechanism for Law Firm Managing Partners
With a sudden spike in the number of law firms reporting financial difficulties to the Solicitors Regulation Authority, being a law firm leader in the current climate is more challenging than it has ever been.
The problem is not confined to small firms according to the SRA, but across the board, with some large firms also reporting financial problems. With the UK economy forecast to enter recession later this year, sadly the problem is likely to get worse.
At the most senior levels in law firms, in my experience individuals can feel a bit out on their own at times, without the benefit of someone to talk things through with. Those occupying the Managing Partner role in law firms can feel isolated, particularly when the going gets tough as it is currently.
It is especially important that law firm leaders are supported, and this is where a good mentor, someone who has successfully managed through good times and bad can add real value.
Having an experienced mentor on hand to provide practical and independent advice or simply to be a sounding board that senior law firm leaders can talk things over with can be of enormous benefit to both Managing and Senior Partners of law firms, especially those who are struggling under the normal demands of the job.
The benefits of a positive mentoring relationship are well documented, and someone who can help guide your decisions and stop you from making the mistakes they have made along the way can be invaluable in today’s climate.
But it is having that independent sounding board and support mechanism for law firm leaders that is so important in the light of the SRA’s announcement, and where a mentor can add real value.
If you would like to discuss how I may help your leadership team, please contact me via email at ih@hopkinslegalconsulting.co.uk or by mobile on 07916669095.