the partnership

also: the eligibility, costs, obligations and benefits of partnership.

by marc rosenberg

sometimes partners ask for more than they reasonably should expect. here’s a rundown of what a partner is and is not entitled to:

more on partnership: equity vs. non-equity partners | new partner vs. manager: what’s the difference? | research results: how firms pay new partners | keys to bringing in new partners

 

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a partner is entitled to:
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the best firms know another way

by august aquila

professionals loathe anything bureaucratic. but we know of many firms who ask their partners to account, in detail, for every minute of their time.

more on leadership:work together better in 11 steps | drop politics, be accountable | what makes a successful strategic plan? | innovate or die | partners love, hate leadership | 8 ways leaders destroy firms | how to combine two firms after merger: carefully

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to ask high-need-for-achievement professionals at the top of their field to provide what, to them, is bureaucratic data immediately implies a complete lack of trust and respect for their expertise and their position. it is simply a motivational disaster, which distances the partners from the firm. partners know that they have to account for their time but we know too many firms that, often at the behest of the finance function, ask for a level of specificity that drives the partners to distraction.
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partners must show a unified front.

by robert j. lees, august j. aquila and derek klyhn
creating the effective partnership

in our work with managing partners, we always talk about the importance of the partners “walking together,” of sharing that common vision.

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but if the partners are to share the vision, they have to play an active part in determining the firm’s direction – and, critically, how it’s going to get there.
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