As a seasoned law firm partner, you know the delicate balancing act of serving existing clients while pursuing new opportunities. But what happens when conflicts of interest block the growth of your practice? It’s a common challenge that can quietly erode your long-term success if left unaddressed.
Conflicts, while often unavoidable, can feel like a roadblock to both your ambitions and your ability to serve clients effectively. New business walks through the door, yet the potential for growth is stifled because the client list you’ve built—and the firm you’re part of—create insurmountable ethical or practical barriers.
If this sounds familiar, it might be time to ask yourself: Are conflicts gutting my practice?
The Hidden Costs of Conflicts
Conflicts can have far-reaching consequences for your practice:
- Lost Revenue Opportunities: Turning away potential clients because they conflict with existing work can limit your revenue streams, especially if those potential clients represent strategic growth areas.
- Client Relationships in Limbo: In some cases, even long-standing clients may be indirectly affected if conflicts limit your ability to expand the services you offer.
- Stunted Career Growth: If your ability to grow your practice is restricted by firm conflicts, it can feel like you’re treading water while others advance.
While firms often have robust conflict-check systems, it’s worth considering whether your practice is suffering unnecessarily due to overly stringent or misaligned conflict policies.
Signs It May Be Time to Move
Not all conflicts are insurmountable, but if you’re consistently facing these scenarios, it may signal a need for change:
- Frequent Turnaways: Are you regularly declining profitable new work due to client conflicts?
- Evolving Client Needs: Are your clients asking for services that your firm cannot provide due to existing client relationships?
- Disproportionate Impact: Does it feel like your practice bears the brunt of conflict policies compared to others in your firm?
- Lack of Support for Growth: Does your firm’s leadership show resistance when you raise concerns about conflicts affecting your practice?
If the answer to any of these questions is yes, it may be time to evaluate whether your current firm aligns with your long-term goals.
Considerations for a Strategic Move
Making a move is never a decision to take lightly, but for many partners, the right firm can unlock new opportunities. Consider these steps as you evaluate whether a change is right for you:
- Evaluate Your Book of Business: What percentage of your work is affected by conflicts? Are these conflicts a recurring theme?
- Assess Portability: How well does your book of business align with potential new firms? Firms with more flexible conflict policies or complementary practice areas might be a better fit.
- Culture and Leadership Fit: Look for firms that prioritize client service and business development in a way that aligns with your approach.
- Long-Term Growth: Will a new firm provide you with greater opportunities to expand your client base and expertise?
The Bottom Line
Conflicts are a reality of legal practice, but they don’t have to define the trajectory of your career. If your firm’s conflict policies are regularly preventing you from pursuing opportunities, it’s worth considering whether you’re in the right environment to achieve your professional goals.
Making a move to a firm that better aligns with your practice could be the key to unlocking the next stage of your success. The decision may not be easy, but inaction could cost far more—both financially and professionally—than the temporary discomfort of change.
So, ask yourself: Is it time to break free from conflicts and take control of your practice’s future?
