the partnership

it’s time to herd your highly compensated cats.

by bill penczak

the managing partner was trying to contain his frustration, but it was evident, even on a zoom call. we had been reviewing the status of a focused market blitz, in which each of the partners was to come up with only three targets on which they would focus development efforts. when we reviewed the aggregated list, one-third of the partners had not responded to the request.

more: re-thinking today’s firm with five global leaders | 5 things your firm should do differently this summer | do you have the guts to beat the covid crisis? | how to inoculate your firm against covid competition | ‘found money’ delights clients | don’t buy a rolodex, buy a process | the three r’s for beating the corona crisis | 6 reasons why your marketing sucks
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he was pissed, and i felt bad for him. neither the carrot nor the stick approach had worked. and he was facing another example of lack of partner accountability, which i’m finding is one of the most common frustrations of firm management, regardless of size or specialty.
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there’s a better way.

by marc rosenberg
the rosenberg practice management library

it may seem intuitive to use ownership percentage to decide important financial and governance issues.

more: why billing less may mean earning more | what smaller firms must do to become firms of the future | the 13 signs you have a partner problem | covid-19, adversity and innovation | how covid impacts partner retirements |  three tough questions in partner buyouts | reward partners for performing like partners | 7 points of a well-crafted partner buyout agreement | smart tech tips from top cpa firms
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here are three common reasons why… and one important reason why not.

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here’s the proof.

by marc rosenberg

question from a client: “as the firm’s mp, i’m trying to encourage our partners to delegate as many billable hours as possible to the staff instead of doing it themselves. what is the benchmarking metric for how much of partners’ billing responsibility should be performed by themselves?”

more: what smaller firms must do to become firms of the future | when managing partners can’t | covid-19, adversity and innovation | is mandatory retirement a best practice? | merging in sellers: what you need to know | take yoda’s advice on strategic planning
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rosenberg response: there is a natural tendency for partners to perform high levels of billable hours, perhaps in the 1,200 to 1,500 range annually.
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four ways to make sure managing partners will fail.

by marc rosenberg
the rosenberg practice management library

there is an intuitive notion that comes to partners that goes something like this: “let’s all get together and form a firm that will make us all more successful than any of us could be individually. we’ll follow the principles of democracy by dividing up the management duties so that no one is overburdened. the partners will make decisions as a group, thereby avoiding vesting too much power in one person.”

more: don’t let exiting partners double dip | the 13 signs you have a partner problem | covid-19, adversity and innovation | how covid impacts partner retirements |  three tough questions in partner buyouts | is mandatory retirement a best practice? | covid-19: how your firm can respond
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management by committee is doomed to fail. this list refutes the excuses partners often give for favoring management by committee.

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