yes, there are limits.
by marc rosenberg
the rosenberg practice management library
partners are entitled to a lot. at some firms, they are virtually royalty. but that’s no way to run a firm these days.
a partner is entitled to:
1. attend partner meetings and retreats.
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2. have access to all confidential firm financial data.
3. receive a return on capital; repayment of capital when he/she leaves the firm.
4. make decisions on client engagements.
5. receive regular communications from the firm’s management regarding what’s going on in the firm, including proceedings of the executive committee.
6. vote on matters specified in the firm’s partner agreement.
7. be bought out at a “reasonable” price.
8. be paid based on performance; rewarded for making positive contributions to the firm’s bottom line and overall success.
9. partner perks as provided by the firm.
a partner is not entitled to:
1. pull rank.
2. a lifetime waiver on all kinds of performance feedback.
3. do whatever he/she wants, whenever he/she wishes.
4. manage the firm; question every little decision made by the firm’s management.
5. break the rules.
6. get paid a lot of money without producing, just because he/she owns part of the firm.
7. do the work of lower level staff or admin personnel and expect to be paid a “partner salary” for it.
8. act in a manner that is best for him/herself – to the detriment of the firm.
9. be a lone ranger.
10. abuse staff or behave irresponsibly toward staff.
11. engage in outside activities without any restrictions.
12. take clients if he/she leaves the firm to practice elsewhere.
13. retain his/her clients if he/she fails to service them properly or mismanages engagements.
14. complete client work without a counter-review if the firm’s policy requires it.
15. use the firm’s staff or its resources for strictly personal use (other than very minor items).