“According to Dan Binstock, successful partnerships rely on key factors such as people, practice, compensation, and confidence.”
Join Chris Batz and Dan Binstock, a partner at Garrison & Sisson in Washington, DC, as they discuss the reasons why law partners decide to leave their current law firms. Dan outlines the top four reasons behind partner transitions, including concerns about firm leadership, inadequate practice support, compensation and profitability issues, and a lack of confidence in the current firm. Chris and Dan provide an in-depth analysis of each of these factors, offering valuable insights for partners who are contemplating a change.
During the conversation, Dan draws from his extensive experience to shed light on the complexities of these issues. He also shares advice for those interested in acquiring law firms and emphasizes the importance of thorough due diligence when selecting a recruiter. With his background as a legal recruiter and his past role as the president of the National Association of Legal Search Consultants, Dan brings a wealth of insights into the intricate dynamics of law firm partnerships.
This episode offers a comprehensive exploration of the driving forces that lead partners to explore new opportunities and suggests strategies for firms to address these concerns more effectively. Tune in to gain a deeper understanding of the motivations behind partner transitions and to learn how firms can create an environment that addresses these factors constructively.
“The four reasons I think partners move come down to people, practice, economics, and lack of confidence.” (02:34 | Dan)
“90% of the problems that partners are facing boil down to people problems that are disguised as other things.” (03:28 | Dan)
“The bigger the firm, the more complex the leadership issues become.” (07:40 | Dan)
“Compromising on values to keep high-earning partners can create tension within the firm.” (08:41 | Dan)
“Partners need to be cautious about recruiters who may submit their information without permission to multiple firms.” (37:50 | Dan)