Balancing Leadership Roles in Law Firms: Managing Partners and Rainmakers

Managing a law firm, regardless of its size, is a daunting task that demands strong leadership skills, objectivity, and the ability to make tough decisions while navigating a landscape filled with strong and sometimes challenging personalities. Many managing partners in law firms lack formal leadership training or prior executive experience, often taking on the role due to circumstances or by popular vote, according to a recent article by Attorney At Work. This leadership position can be isolating and stressful.

The managing partner’s role often falls on the firm’s top rainmaker, which can be a risky choice. Managing the firm’s operations and attracting clients are distinct responsibilities that require different skill sets. Successful managing partners typically transfer most client responsibilities to others, receiving a salary for administrative duties while still maintaining some involvement in client relationships.

Managing partners must embrace their role as firm leaders and invest in developing CEO-like skills. In contrast, rainmakers focus on bringing in new clients and are rewarded for their individual efforts. They may be competitive and protective of their client base and compensation.

Balancing managing partner duties with rainmaking responsibilities is a challenging task, often leading to discord within the firm. To address this, firms have two main options:

Promote a Partner: Identify a partner with diplomatic and pragmatic qualities who understands the firm’s interests. This partner must be willing to cede client control, receive a CEO-level salary, and have clear job expectations. Leadership development and succession planning are crucial.

Hire an External CEO/Managing Director: In cases where no suitable internal candidate exists, firms can bring in an experienced professional. The hiring process should involve input from partners, onboarding, performance management, and coaching. The new leader should be empowered to make tough decisions autonomously.

Clear roles and expectations are essential for law firms to thrive. Whether through internal promotion or external hiring, well-defined leadership is key to managing and growing a successful legal practice.