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.