How to Specify Managing Partner Duties

Older executive businesswoman drinking coffee and reviewing papers bound in notebook.11 suggestions for inclusion in the partner agreement.

By Marc Rosenberg

There are certain provisions in a partner agreement that should be kept simple and short because over time, firms have a habit of making changes quite often. You don’t want to have to change your partner agreement every time you change the managing partner’s role.

MORE: Handling Pay During the Disability of a Partner | Buyout When a Partner Dies | Why and How New Partners Buy In | A Crash Course in Partner Retirement/Buyout Plans | Protect Your Business with a Solid Partner Agreement
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Good examples are the firm’s system for allocating partner income and, to the point of this post, duties of the managing partner.