In this blog post Heather Townsend shares an exclusive extract from the 2nd edition of ‘How to make partner and still have a life’ (Click here for a free sample chapter) and explains the 3 step process to building a cast-iron business case as well as the six premises that every business case is based on.
Creating a cast-iron Business Case for partnership typically involves these three steps; building the business case, writing your business case and finally pitching your business case to your partners. Many people make the mistake of thinking that their Business Case is something that they write in a weekend ready to be pitched at a later date. Creating a cast-iron Business Case normally takes a few years whilst you transition from having all your work handed down to you from your partner through to being able to create your own client portfolio.
Most business cases are typically built on one of these six 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. People recruited in at partner level who have been in industry are normally hired for this reason.
- 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.
Any well-organised partnership will be identifying where there is a Business Case for a new partner many years in advance. They will then work with a selection of candidates to build a Personal Case for partnership. This then gives the partnership choices about who will be the best candidate for the new partner role.
Get your copy of the 2nd edition of How to make partner and still have a life
To get your copy of How to make partner and still have a life at a 20% discount, use code HTMPG20 at the checkout on the Kogan Page website. Click on the image buy your copy
This article originally appeared in a different form on the How To Make Partner website.
Heather Townsend helps professionals become the The Go-To Expert. She is the author of the award winning and best-selling book on business networking, the ‘FT Guide To Business Networking’, Poised for partnership and the co-author of ‘How to make partner and still have a life’, and ‘The Go-To Expert’. Over the last decade she has worked with over 300 partners; coached, trained and mentored over 2000 professionals at every level of the UK’s most ambitious professional practices.