The selection of new partners is critical to achieving the Firm's succession goals and sustaining professional pride and job satisfaction.
The goal for the selection and admission of partners is to promote to partnership only those people who are expected to perform at a level equal to or higher than the Firm's present effective partners. A partnership is in part a reward for past services, but it is primarily an indication of confidence in the future performance as a partner.
This policy statement is designed to accomplish the following objectives:
- Give assurance to potential employees that they have adequate opportunity to become partners;
- Retain personnel the Firm needs to maintain its expected growth rate;
- Assure staff that they will have the opportunity to qualify as partner and what the requirements are;
- Maintain a proper ratio of partners to clients and staff;
- Replace retiring partners;
- Encourage partners to withdraw from the partnership whose goals are no longer compatible with the firm.
Standards for Partnership Admission
- Practice Composition - client base consistent with firm strategy
- Personal Attributes - appropriate skills, attitude and ability
- Economic Considerations - new sales, retention, profitability of practice
- Marketing Orientation - able to demonstrate business development success
- Client Management - maintains low attrition and high client satisfaction
- Safety - prudent client acceptance, and reviews approach with others