Tantalizing, treacherous, business development fears and the Prize. This is how associates describe making partner. It’s a high-stakes game where the outcome is binary — make partner or face an undefined future.

A few firms are publicly downplaying junior associates’ importance. The reality is law firms need strong senior associates — and these come from junior associates. At the same time — the time to partner is getting longer. This creates an intriguing paradox where retaining talented associates is both critical and harder than ever.

Our latest survey of over 560 associates reveals insights into how many associates are on their way out the door and how many plan to stick it out:

• 12.8% have one foot out the door

They are actively looking and taking the steps they need to either change firms or change paths.

• 45.6% are leaning towards a departure

They haven’t fully made up their mind — but partnership is not shining bright.

• 9.6% are leaning towards partnership

Their hesitation lies in concerns about work-life balance and not fully understanding what they would be getting into.

• 32% are heading for partnership

They may not know the secret sauce to get there — but they are convinced they have it. They plan to be partners — it’s the only path they want to take.

Ease the Deepest Concern for Those Wanting Partnership

Nurture those associates you want to keep — the associates who want to make partner are deeply concerned about how they will deal with the business development responsibilities. Training them in the early stages makes them feel more engaged — alleviates their biggest concern — and boosts business development skills and culture throughout the firm.

Boost Retention — And Turn Future Alumni into Clients

Develop a placement program for associates who don’t want to stay. Help them find plum jobs with clients and other firms of a different size who can be referral sources. Carving out future alumni career paths is a proven business development tool — adopted long ago by Kirkland & Ellis. And almost all those thinking about a departure want to go in-house.

Knowing who’s leaving gives you an edge in planning, recruiting, and business development. It also helps retention. Associates appreciate the extra understanding and investment — they turn into associates you want to keep — and ones who end up not just staying — but thriving.

A BTI flash survey of almost 700 attorneys reveals decidedly different law firm business development cultures. Underappreciated and maligned by some — worshipped by others — business development is creating the next strategic and cultural divide.

We asked these attorneys to describe their business development culture — the results look like this:

46% indicate their business development culture is strategic, focused, well-resourced, and a priority within the firm.

The strategists talk about their firm boasting:

• • Account-based management
  • Client teams with budgets
  • Industry sectors with accountable leaders
  • Ongoing training
  • Strong partner support
  • Offer tools and guides
  • Redesigned origination credit systems
  • BD metrics in their strategic plans

54% suggest their BD culture is inconsistent at best and ranges to apathy and indifference.

Firms with inconsistent BD talk more about:

• • Inconsistent interest and enthusiasm
  • Partners selecting their own strategies and approaches
  • Partners avoiding business development
  • Attorneys preferring to be service partners
  • Individuals hoping to inherit clients from retiring partners
  • No collaboration between attorneys

The inconsistent firms can change the culture within their firm by:

• • Making BD part of the firm dialogue
  • Celebrating wins
  • Training the willing and interested
  • Offering tools and guides for all attorneys
  • Training associates to start the BD conversation and awareness early
  • Offering CLE with training
  • Training in skills before BD process

Business development is only going to get harder — we discuss here. And then even harder again. The firms investing and building now will enjoy a significant advantage over the others.

Firms building business development into their culture will gain more of the clients who pay premium rates — and are most likely to develop a long-term relationship with their outside law firms.

Clients are becoming more frustrated and burnt out on RFPs and pitches. This brings business development skills into the spotlight as clients become even more selective.

No amount of lateral partner recruiting will overcome a fundamental BD deficiency — and most of the top laterals prefer firms with strategic business development. This is not a coincidence.