"During the past five to eight years, firms have been promoting people to partner that perhaps shouldn't have been promoted. The firms realized that if they didn't, there was a good chance those people would leave. And with the shortage of staff, the firms reasoned that they would be worse off. So, reluctantly, they make the person a partner," observes Marc Rosenberg, president of The Rosenberg Associates in Wilmette, Ill. According to Rosenberg, many of these firms now find themselves "stuck" with a partner group that is lackluster and not growth- and marketing-oriented.

In this environment, firms are rethinking their partner selection process.

The New Considerations

"Years ago, people could make partner based on time in grade. However, given changes in the industry-high-profile events in our industry, greater risks, the profession, and new demands upon our profession-partner selections must be made more thoughtfully than ever. Mistakes could be costly,'' concludes Michael Cohen, partner-in-charge of the Roseland, N.J. office of J.H. Cohn.

Consultant Donald Scholl, president of West Chester, Pa.-based D.B. Scholl Inc., believes, "There is better detailed consideration into who should be partners, and more judgmental decisions are made." He also finds more importance placed on "the ability to develop new business, to hang on to existing clients, and to provide effective leadership."

According to Cohen, his firm has always and still looks for very strong client service partners. He points out, "In the past, business development and the ability to generate new business was at or near the top of the list of partner criteria. Although it is still an important consideration, it is not of the prime importance it was years ago. Technical proficiency has never been more important as we become more niche industry focused, specialize in bodies of knowledge, and gain expertise in particular industries."

"The basic criteria for making partner hasn't changed much over the years. However, the weighting of the criteria has," concludes Rosenberg. He identifies the criteria as bringing in business, managing client relationships, credibility with the staff, development of a special area or market, and trust to keep the firm together. Because staff is in short supply, the ability to have a positive impact on staff retention, development, and training has risen in importance, according to Rosenberg.

• 1
• |
• 2
• |
• 3
• |
• 4
• |
• 5
• |
• 6
• |
• 7
• |
• next