Managing Without Fear: 6 Key Attributes Of A Fearless Managing Partner

While law firms are unique in the business world in that they’ve historically avoided knighting their leadership with executive titles, managing partners are the exception to the rule. They’re functionally the chief executive officers of their firms, responsible for the firm’s overall management. They run the business, manage the culture, and ensure that the firm’s goals and visions stay on track. The managing partner is also the face of firm, charged with selling the firm’s brand to the outside world.

Keeping a law firm on course is no easy task. Business success means moving beyond business as usual. Managing partners must be fearless and bold in the face of a challenging legal market — rare qualities that can’t be taught in law school. Experience and intelligence are undoubtedly important, but there are a handful of crucial attributes that make successful managing partners stand out from the crowd.

Strategic Vision
Like all businesses, law firms must always be looking forward. A managing partner must focus on the firm’s future, while still making sure that the firm’s day-to-day operations are keeping up with today’s urgent demands. Adopting a strategy that adapts to a changing market is critical to success, and having the conviction to stick to it requires you to be fearless in the face of struggles. As one visionary managing partner said, “Strategic planning isn’t just a business catch-phrase, it’s a disciplined, analytical, realistic examination of the firm’s future, including possible threats to its existence. Without it, the ship doesn’t have a rudder, and could end up on the rocks if you aren’t careful.”

Bold Practicality
There’s a fine line to walk when it comes to balancing the need to keep your employees and clients happy while still pushing the envelope and allowing the firm to move forward. Change can be scary for your constituents, but a willingness to change is necessary for success. While it’s tempting to rest on your laurels when times are good, a fearless managing partner understands that stagnation can kill a firm, and that sometimes the status quo needs to be challenged in order to achieve greatness. A perfect example is moving away from the billable hour. It’s been the bread and butter of firms for decades, but clients are increasingly pushing back against it. Finding practical alternatives is the only way to keep clients happy. After all, without clients, there’s no firm. So, while eliminating the billable hour is a bold move, sometimes bold moves are the right answer.

Forward Thinking and Thought Leadership
Remaining competitive means keeping an eye on the market and finding ways to stand out from the competition. Successful managing partners are the ones you see at leadership conferences, educating themselves on how the industry is evolving. Fearless leaders set long-term goals, but are willing to change those goals when the landscape shifts. They also have the courage to seize new growth opportunities, rather than being satisfied with current successes. In the words of one successful practice head, “A lot of it is just keeping your antennae up, talking to colleagues, and making an effort to be aware of what’s going on.”

Business Acumen
Great lawyers don’t always make great businesspeople, and successful leaders need to show that they have what it takes to make a firm succeed. To be taken seriously as a managing partner, you need not just knowledge, but also a willingness to learn the things you don’t already know. The best leaders embrace the business side of things. Understanding the intricacies of balance sheets and firm finances may be daunting, but the fearless managing partner dives in and accepts the challenge in the interest of firm success.

People Skills
At the end of the day, it’s the people that make or break a law firm. Every practice is made up of a diverse set of personalities, talents, and priorities, and a successful managing partner needs to meld them all into one functioning unit. As the firm’s leader, you’re responsible for fostering a culture that motivates employees at every level and upholds a firm standard that your people want to work for. As one managing partner put it, “For the whole machine to work, everyone has to be invested in the firm’s mission and do their part.” It takes a fearless captain to take a disparate group of individuals and make them work as a cohesive team.

Client Insight
To be able to truly serve your clients, you must know their business and their needs inside and out. The fearless managing partner takes the time to educate herself or himself about a client’s inner workings, and admits that there’s always more to learn. Knowing your clients not only allows you to offer them the best possible representation, but also open doors to possible new avenues of business development. We may live in a digital world, but there’s simply no substitute for personal interactions and strong relationships when it comes to taking the bold steps necessary to keep clients happy. After all, happy clients make for happy firms.

Successful managing partners are made in the real business world, not in law school. Part of being a fearless leader is knowing where to look for help and answers when you need them. Thomson Reuters has an unparalleled suite of resources to help you develop the confidence you need to take your firm in bold new directions. Fearless management starts with Thomson Reuters’s Solutions Finder. Learn more here.