included: six tables to help you do just that.
by august j. aquila
what makes a great partnership
according to marc rosenberg, managing partners should focus on the following six areas:
- leadership
- profitability
- strategic planning
- team building
- learning/training
- asset protection
more: eight ways managing partners make a real difference | ten steps to a new managing partner | what managing partners must be doing | do your partners pay their own way? | how to create firm accountability
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each of these areas is important and worthy of further discussion. the size of your firm, number of partners/owners and the existing management team will influence the areas of importance. the following rating scale applies:
- ee – exceeds expectations
- me – meets expectations
- ni – needs improvement
| leadership criteria | ee | me | ni |
| 1. does the managing partner function as the firm’s visionary? | |||
| 2. does managing partner have the proper balance between long-term vision and current results? | |||
| 3. can managing partner make a decision promptly and effectively? | |||
| 4. does managing partner communicate the vision to all stakeholders? | |||
| 5. can the managing partner provide confidence and sustain employee morale? | |||
| 6. does the managing partner participate in associations and attend practice management conferences in order to keep the firm informed of best practices and industry trends? | |||
| 7. is the managing partner visible in the community and does managing partner represent the firm well? | |||
| 8. is managing partner a good role model for members of the firm? | |||
| 9. does managing partner communicate the vision to all stakeholders? |
| strategic planning criteria | ee | me | ni |
| 10. does the firm have a written strategic plan with priority goals, measurements, action steps, assigned parties and due dates? | |||
| 11. does the firm’s budget properly address the priority goals? | |||
| 12. does the firm have a written marketing plan and budget that integrates with the firm’s strategic plan? | |||
| 13. does the firm have a written technology plan and budget that integrates with the firm’s strategic plan? | |||
| 14. does the firm have a written human resources plan that integrates with the firm’s strategic plan? | |||
| 15. does the managing partner involve the right people in the planning process? |
| team planning criteria | ee | me | ni |
| 16. has the managing partner empowered a firm management team including administration, marketing, technology and human resources? | |||
| 17. does managing partner hold them accountable? | |||
| 18. does managing partner resolve partner conflicts and counsel partners as needed? | |||
| 19. does the managing partner limit the number of personnel reporting directly to him? (generally five to seven.) | |||
| 20. does the managing partner enforce the one-firm concept, firm standards, policies and procedures? |
| learning/training culture criteria | ee | me | ni |
| 21. does the managing partner support a learning/training culture? | |||
| 22. does managing partner require firm personnel to develop new skills? | |||
| 23. does the managing partner ensure that partners and staff attend learning sessions? | |||
| 24. does the managing partner teach and ensure the firm’s culture is consistent among departments and offices? | |||
| 25. does the managing partner continue to learn and grow personally? |
| firm profitability criteria | ee | me | ni |
| 26. does the managing partner manage to the strategic plan and budget? | |||
| 27. does managing partner require all personnel to develop annual game plans? | |||
| 28. does managing partner hold partners accountable for their annual game plans? | |||
| 29. does the firm have a retirement plan that will ensure the continuation of the firm? | |||
| 30. does the managing partner ensure enforcement of firm policies regarding billings, collections and partner performance? | |||
| 31. does the managing partner terminate non-performers? |
| asset protection criteria | ee | me | ni |
| 32. does the managing partner keep the shareholder and employment agreements current? | |||
| 33. has the managing partner addressed succession planning? | |||
| 34. is there a firm plan in place? | |||
| 35. does managing partner regularly review insurance coverage and monitor risk management? | |||
| 36. does the managing partner negotiate and review material legal agreements? | |||
| 37. does the managing partner have a current employment agreement with the firm? |