develop staff, develop business, develop yourself.
by marc rosenberg
how to bring in new partners
the following apocryphal vignette plays out at partner retreats on a regular basis: the partners brainstorm what is expected of partners at their firm. they have a spirited, productive discussion that results in a dozen items written on a flipchart.
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all of a sudden, one of the partners yells, “oh, no!” the startled partners ask him what’s wrong. he points at the flipchart: “none of us qualify!”
there is not one firm whose policy on what a partner is reads exactly like the list below. this is a collection of what i have seen at many great firms i have had the pleasure of working with.
here are 17 basic expectations of partners. think twice before promoting anyone who can’t meet them all.
- drive firm growth, profitability and success.
- be trustworthy. it’s not about stealing money. instead, it’s about exercising good judgment, never circumventing policies and procedures, and upholding professional standards and ethics.
- be a leader. partners earn credibility with fellow partners and the staff by being good role models, inspiring others to follow their lead. the firm is evaluated by the partners’ conduct.
- manage the firm, to the extent that the partner has a formal role in this area. this includes the managing partner, executive committee member, compensation committee member, or a pic (partner in charge) of an office, department or industry team.
- manage client relationships and engagements. be attentive to their needs; establish strong client loyalty to maximize retention. move clients upscale and grow their fees, while giving them the full value of your attention. bill and collect promptly.
- train and mentor staff. don’t just be a “nice” partner; also help staff develop, grow and advance under your tutelage. this will impact staff retention. treat staff with at least as much respect as clients.
- bring in business. contribute to business development in some way; develop and cultivate referral sources.
- provide outstanding client service. exceed clients’ expectations. deliver on commitments.
- be a team player; develop a strong team beneath you; ensure that your largest clients have multiple touch points within the firm; share work with others. always be willing to assist other partners and staff as needed.
- achieve your written goals, both production and intangible. fulfill your role in the firm.
- push work down to staff wherever possible; do only partner-level work. keep the staff busy.
- live and breathe the firm’s core values, every day. respect the firm, its decisions and its partners.
- protect the firm. establish required technical skills, then keep them updated and maintained; never do work beyond your capability. never stop learning. commit to the highest professional ethics.
- be a good corporate citizen. obey the firm’s policies and procedures, even if you don’t agree with them. treat people respectfully. respond in a timely manner to voicemails, emails, etc.
- practice good communications at all levels. let people know what’s going on with you.
- be accountable for your performance and behavior.
- do all of the above as a full-time partner. partners give it their all. they don’t have other commitments, such as managing a separate business or fulfilling a role outside the firm, perhaps in a charitable or civic organization, that prevent them from performing their partner duties on a 24/7 basis.