Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am the sole owner of a law firm in Tucson, Arizona. I have seven associates working for the firm. I have one very senior level associate that I want to consider for partnership. I want to do this to keep him interested (he has been approached by other firms) and I envision him being a cornerstone of my succession plan - 10 years out. How should I start the process with him?
A. It sounds like you have found the person - or whom you believe is the right person for partnership. However, just because he has been a good associate does not mean that he will be a good partner - the relationship will be different. But at least he is somewhat of a known quantity since you know him and have worked with him for several years.
Here are a few ideas of where you might start: