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