Planning your legacy as managing partner and preparing for your future

There is much to be said for living in the here and now. Some constantly strive for a future achievement, while others continually pine for the good old days. Neither of these extremes is likely to result in the feeling of being satisfied with today. Both groups may therefore forgo the psychological wellbeing that can flow from appreciating and savouring what's good in the present.

Yet, there is one time when you will look both backwards and forwards - the day you step down as managing partner. It would serve you well to prepare for that day so that you can then smile in both directions. Clearly, only you know what will achieve this result, but maybe the following thoughts will strike a chord.

Commander or enabler?

No doubt your track record will be multifaceted. Hopefully, you will leave the firm in a strong financial position, with the metrics pointing in the right direction. The firm will be climbing the league tables enjoying a best-in-class reputation with clients. But, there is likely to be a people-based legacy too. You need to decide now what you would like that to be.

Will you reflect back on your time as the 'commander in chief' - the managing partner who led strategically from the front with crystal clarity as to what needed to be done, by whom and how? That in itself is quite an achievement if your command has paid off on the bottom line. But, although the business prospered, have your people thrived?

Alternatively, will you record your time at the helm as the firm's 'enabler in chief' - a less directive leader who created the fertile environment in which careers were launched and people achieved their potential?

We could dwell here on the business case for the latter style of leadership, including the performance benefits of people feeling engaged with the firm and empowered in their work. But, the focus here is on you - which characterisation of your time in office would please you more?

Curiously, this entirely separate consideration may still take you to the same place. Doing things for others can be a powerful driver of our own happiness; supporting colleagues at work certainly counts. Additionally, taking upon yourself a mission to be a mentor or a coach or to provide a helping hand to others in their professional development and career progression can add further meaning to your role and generate a great sense of satisfaction in retrospect.

But, if it is the enabler-in-chief's legacy to which you aspire when you step down, now is the time to role model the behaviours that generate opportunities for others. You will want to enable others to:

• use their initiative and stand on their own two feet (rather than always telling them what to do);

• try new things (rather than letting them stay pigeonholed in their comfort zone);

• contribute their ideas (rather than insisting you have the monopoly on good ideas); and

• advance their careers (rather than leaving them in roles in which they
  have an established track record).

When your colleagues experience enablement, they may enhance
your legacy even more by becoming enablers themselves.

Retired general

But, what next? It may not come easily to be a 'retired general', having been so heavily and prominently engaged in active service. For some - particularly those who are retiring from office rather than retiring in their careers - staying active as a 'redeployed general' may be more palatable.

Maybe you have your sights on another senior role within your firm. Perhaps you would like to carve out a mentoring wise-counsel role. You may wish to return to fee earning full time or to be a client relationship partner. Maybe you see yourself undertaking non-executive directorships.

Each opportunity may offer fresh challenge and potentially a new beginning. But, will you be positioned and ready to take it on before the opportunity fades? Sometimes it is tempting to think that professional development plans are for junior staff. But, that may be precisely what you need to enable your desired future to become a reality when the time comes.

It could be all-important to think today about the knowledge, skills and experience that you might need down the line. Don't leave it too long or allow the busyness of the present to prevent you from pausing for thought. Knowing early on what will make you happy will allow you to work proactively towards your goals.

Colin Dworkin is a former corporate
lawyer and now business psychology consultant at Talaspect Talent Development
(https://talaspect.com). He gratefully acknowledges the contributions of Dr Karen Lindall (karen.lindall@roodlane.co.uk) to this article.