Managing Partners: How to Elect Them… and Fire Them

Midsection of businessman moving out with cardboard box from officeAnd why a five-year term is ideal.

By Bill Reeb and Dominic Cingoranelli

Often, firms elect a managing partner with a majority vote, but to dismiss a managing partner within their elected term requires a higher vote, commonly two-thirds of the equity vote. In some larger firms, the people running for managing partner might not be eligible to vote in this process, but in many others, everyone can vote.

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The reason why everyone should be allowed to vote is simply that the smaller the firm, the more likely that removing the candidates being considered for the position puts too much control in the minority ownership of the firm. For example, consider the following six-partner firm scenario: