Five factors to consider in their new compensation plan. And five key responsibilities for the new managing partner.
by Marc Rosenberg, CPA
Author of How to Operate a Compensation Committee
Baby boomer partners are rapidly approaching retirement age, creating a huge demographic shift. One result of this is a dramatic increase in new managing partners at firms.
Marc Rosenberg, CPA, is a nationally known consultant, author and speaker on CPA firm management, strategy and partner issues, and author of “How to Operate a Compensation Committee,” available here.
Many firms are skipping a generation and turning the reins over to “younger” partners. Firms are also asking their new MPs to divest themselves of a significant part of their client base to enable them to focus more on managing the firm.
How should the new MP be compensated?