Sweat the assets! A refrain heard in many major law firms, especially as the economic reality of the recent slowdown in big ticket corporate activity has become apparent. The assets are certainly sweating, but not in the way most managing partners intend.
A huge flaw in the way that City law firms develop their professionals is becoming more and more evident. Vast amounts of time and money are invested in developing and supervising trainees and associates in a highly structured environment, but on becoming partners many are left to flounder without being adequately equipped with the new skills that they need to make the transition from senior associate to junior partner successfully. It should be obvious that partners can benefit from mentoring as much as, if not more than, their juniors.
