day-to-day responsibilities<\/h3>\n

\n
• design and develop a strategic plan and direct its implementation.<\/li>\n
• work with firm\u2019s executive committee (strategy, firm and partner matters) and management committee (day-to-day execution).<\/li>\n
• be readily available for big opportunities or problems.<\/li>\n
• create an environment of trust among the partners.<\/li>\n
• walk the talk and lead by example (\u201cdo as i do, not as i say\u201d).<\/li>\n
• ensure that partners set stretch goals and that they are held accountable for progress.<\/li>\n
• ensure that partners receive the appropriate compensation for their contribution to the firm\u2019s success.<\/li>\n
• coach and\/or outplace ineffective partners.<\/li>\n
• develop relationships with major clients and potential clients.<\/li>\n
• market and sell the firm\u2019s products and services to clients and potential clients; an effective developer of new business is very desirable.<\/li>\n
• ensure compliance with firm policies regarding capital expenditures and operating expenses.<\/li>\n
• prepare and internally communicate an annual operating budget and be held accountable for its achievement.<\/li>\n
• ensure an effective personnel plan for current and future client service needs.<\/li>\n
• seek laterals who can beef up bench strength and diversification.<\/li>\n
• oversee key internal go-to-market and functional partner\/staff meetings.<\/li>\n
• hold monthly partner meetings to discuss financial performance and other firm matters. topics usually include:\n
  \n
  • financial performance, billed hours, collected rate per hour, personnel costs, utilization, etc.<\/li>\n
  • firm operations including key issues and opportunities<\/li>\n
  • developments at major clients<\/li>\n
  • marketing and business development activities<\/li>\n
  • business development and pipeline reporting<\/li>\n
  • personnel updates<\/li>\n
  • functional (audit, tax and consulting) updates<\/li>\n
  • risk management<\/li>\n
  • scheduling and staffing capacities<\/li>\n<\/ul>\n<\/li>\n
  • ensure an effective utilization of administrative management and financial information systems.<\/li>\n
  • resolve significant professional disagreements among the partners.<\/li>\n
  • implement and maintain effective client billing and collection protocols.<\/li>\n
  • promote diversification of services by introducing new products and services.<\/li>\n
  • work with the hr department on significant office personnel hiring and termination matters.<\/li>\n
  • monitor partner\/manager fee realization vs. plan and recommend actions for improvement.<\/li>\n
  • oversee client service transition planning for retiring partners.<\/li>\n<\/ul>\n

    in conclusion<\/h3>\n

    firms need to be very careful in selecting and developing their managing partner. the goal should be to ensure a high probability of success. that\u2019s not only good for the managing partner, it\u2019s also good for the firm and for future managing partners.<\/p>\n

    don\u2019t shortchange the importance of the role; too many firms fail when the managing partner doesn\u2019t have the capability to move the firm forward. i strongly encourage firms to make the necessary investment in an effective managing partner.<\/p>\n","protected":false},"excerpt":{"rendered":"

    checklist: the 12 key objectives and 23 day-to-day responsibilities of successful managing partners.<\/strong>
    \nby domenick j. esposito<\/em>
    \n8 steps to great<\/a><\/em><\/p>\n","protected":false},"author":1596,"featured_media":49054,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[2741,2259,3120,3002,9],"tags":[],"class_list":["post-60394","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-checklist","category-leadership","category-pro-member-exclusive","category-special","category-strategy"],"acf":[],"yoast_head":"\n