the ways they differ.
by marc rosenberg
it’s worth exploring the reasons for equity partners in great detail.
here are the key points:
- new partners deserve the promotion to such a great extent that the firm can’t afford not to admit them to the ownership ranks.
- the firm needs to expand its partner ranks.
- the firm needs to replace a departed partner.
- it rewards longtime managers who have solid client service skills.
more: what firms should address in partner agreements | six systems used to determine partners’ goodwill payments | fifteen steps to new partner buy-in | four philosophies for managing a cpa firm | public accounting as a business, 101 | 16 steps to creating a partnership path | six ways new partners differ from managers | the four essentials for every new partner
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- it’s part of a succession planning strategy.
- partner promotions send a strong message to the staff.
- it energizes the partner group.
- it’s part of a merger strategy.