Job Tips for Managing Partners
Source: The Managing Partner Advisor
To help managing partners meet the challenges of the job, Gary Adamson offers new and veteran MPs a “six-bucket” approach to organizing and delegating their responsibilities. The buckets are:
- Running the business. This is “easy stuff” that should be delegated to a competent administrative person to the extent possible.
- Client service/new business. An MP can't handle the same client load as other partners. Move some of the book of business and hours to others in exchange for “some protection from the firm.”
- Partner issues. This bucket includes partner coaching and goal setting, partner compensation, new partner mentoring, partner buy-ins and buyouts, and other critical duties the MP should handle with limited help from a firm administrator.
- Firm governance. “It is the MP's job to keep it working, to get the right people in the right slots and to know when it is time for adjustments or changes.” The firm administrator can do a lot of the work, but if firm governance isn't functioning properly, the MP must step in.
- Strategic thinking. The MP should take the lead on “big picture” thinking about issues such as M&A activity, strategic hires, firm growth, firm markets, services, and niches.
- Outside firm voice. The MP is the “face of the firm,” representing the firm with the media, at firm and community events, and with the AICPA and state societies. Some of these tasks can be delegated, but MPs typically carry most of the load.
For the complete article, read “What Should You Expect Out of Your Managing Partner?”
From The Managing Partner Advisor, the newsletter of Gary Adamson, June 13, 2012. Visit http://adamsonadvisory.com.