A great business case is full of data which can be verified and validated. In this blog post I will show you exactly what data your business case requires.
What is your evidence of being able to win business?
Some Magic Circle and Big 4 firms don’t expect you to have a partner-sized portfolio before making partner, but they do expect you to be able to create one. They will be looking for evidence of your ability to find prospects and turn them into clients at a profitable rate. Your partnership business case has to show that you have a track record of winning business and that you regard business generation as part of your day job. Click here to download a free guide to creating a business case for partnership.
Explain your figures
It’s not enough to expect the figures to talk for themselves. You must explain any times that you didn’t make your target as well as giving an insight into what you did right on those times you exceeded it.
How do you measure against what the firm cares about?
Your firm will have a number of key indicators that are especially important to it. They will typically include:
- revenue you have generated for your firm
- personal or team utilisation
- lock up, WIP, and
- write off
Ignore these at your peril! You must have data, by year, for the last 3 years, for the key metrics that matter to your firm.
How robust is your client portfolio?
Existing partners are only going to be willing to admit you to the partnership if you have a robust and sustainable client base. They are going to be looking for:
- The revenue you have billed for your top clients for each of the last three years.
- The projected revenue for your top clients for the next 12 months, and your activities to achieve this figure.
How valuable is your network?
If you offer a distressed service, such as litigation, you may not have the luxury of long term clients. Therefore, your network, your pipeline to new clients, is even more important. In such cases, your partners are likely to want to understand the value and volume of your top referrers, broken down by year for the past 3 years – split into work for the wider firm and work for your team.
A winning business case for partner doesn’t have to be long or packed with every piece of information you can think of. It needs to be compelling, punchy, and impossible to refute. Read more about how to write a cast iron business case for partnership, or download your free career kitbag, which is packed with information to help you create a fulfilling career.
This post originally appeared in a different form on the How To Make Partner website.
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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.