BONUS: A basic partner evaluation form.
By August J. Aquila
What Makes a Great Partnership
One major result of the Great Recession is that firms can no longer afford to keep partners who are unable to pay their own way and help the firm grow. I say this because firms have already cut staff to maintain their level of profitability and there is no additional fat to cut. Competition and fee pressure from larger firms in every market continues to put a squeeze on profits. In addition, employment opportunities are surfacing again for the employees in your firms.
MORE: How to Achieve Partner Unity | Five Questions to Ask Your Partners about Accountability | How You Can Get Partners to Change | The Seven Building Blocks of a Great Partnership
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There is only one area left that should be considered for possible cuts, or better yet, for improvements – the partners. As a professional services firm, you are a business. And like any other business, you need to be profitable in order to continue to exist.
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