Are you ready to go for partnership?
Business Case is one out of 12 key indicators for making it to Partner. What are the key indicators we hear you ask? Well, they are a list of criteria that we have come up with to test whether you are ready to go for partnership. Based on our experiences of working with hundreds of lawyers, accountants and consultants, we found that only the candidates who performed strongly in these 12 key areas, were successful in being made up to Partner.
You can only know what you need to work on when you assess yourself, so take our Partnership Readiness Assessment now. This will tell you how you score in the 12 key areas, highlighting which of the indicators you need to work on. The results of this assessment will be invaluable to you as it will help you to prioritise and take purposeful steps to progress your career to Partner.
Why is Business Case so important to your future career progression?
Before a firm will make someone a partner there always has to be a Business Case where you can show the commercial promise of making you up to partner. Your Business Case has to be recognised and supported before your partners will even consider putting you on Partner Track. Many lawyers, accountants and consultants think that all they need to do is put together their Business Case over the weekend before they need to pitch it. No, no, no...
Your Business Case is normally where you grow a business within your firm. It takes years to move from ‘having some clients’ to a scalable and sustainable business.
A good way of thinking about your Business Case is as a Business Plan where you demonstrate how you are going to grow a profitable practice in, typically, 3 years.
Unlike a ‘normal’ Business Plan, your Business Case also needs to include persuasive arguments as to why your partners should back your Business Case.
These persuasive arguments typically answer these 2 questions:
- Why should I be the one to implement this Business Case?
- Why make me up to partner to implement this Business Case this time around?
What you need to know about your Business Case
Usually, a Business Case is built on one of the following premises:
A partner is retiring and the department needs a replacement partner.
A part of the firm is growing and needs another partner-level person to help service this part of the business.
You have personally built a profitable partner-sized client portfolio, which your partnership cannot afford to lose.
You have a great network of trusted contacts which you can use to open doors for other partners in the firm.
You have strong relationships within, and deep knowledge of one particular client that your firm would like to increase its business with.
There is an opportunity to enter a new marketplace or offer a new service stream that you can build into a profitable client portfolio, which in turn will justify your admission into the partnership. You also need partner on your business card to build this new revenue stream for your firm.