The first half of 2023 has brought a new level of economic uncertainty both domestically and abroad. The challenges that many Australian businesses are facing are the same across numerous industries. This unknown future has meant that many companies are hesitant to expand their numbers, effectively re-tasking existing resource to handle the many facets of unoccupied roles. Partners especially have found their position challenging, as they have had to expand their existing remit to cover more diverse areas.
“Australian partners are finding themselves bearing a load that is seemingly heavier every year. These partners are under greater pressure than ever to master an evolving role which is evermore emphasising developing technologies and leadership in addition to their role as lawyers.”
– 2022 Australia: State of the Legal Market Report — Uncertainty batters Aussie law firms
Partners have long fulfilled a diverse role within the firm, often wearing many hats. But it was the COVID-19 pandemic that forced many partners to take on a greater scope of work, despite having already a full plate. Barolsky Advisors 2022 separated this role separation into four segments:
Whilst each of these segments include areas that partners were already inhabiting, the demands on time and resource have begun to slowly increase.
The challenge now is for firms to re-examine this segmentation of partner roles to ensure these positions remain balanced, healthy, and sustainable. Post-pandemic, a greater number of law firms have begun to place a higher priority on workplace culture and staff wellbeing than ever before. But a greater number need to consider these as a requirement rather than a nice to have. Otherwise, these roles will, “…become less viable in the near future, especially considering that the starting point at the end of FY 2022 was one of record high utilisation and relatively low well-being numbers,” as Thomson Reuters states.
To further partners within their role and ensure the overall health of the firm. There are two key considerations for senior management to address:
