Regardless of our actual ownership structure (Public/private C Corp, LLP, LLC, other) do we treat the senior team as owners of the firm?
How would we respond to the following statements?
Is our reward structure and process to distribute the annual proceeds well understood by the partners, transparent, and perceived to be fair?
How clearly do we communicate the partnership performance criteria? Is it based solely on revenue contributions? Do client relationships, talent building, intellectual capital and firm leadership responsibilities weigh into the equation?
How thorough and fair is our partnership evaluation process?
Do we have a clearly communicated standardized set of performance criteria for selecting new partners? Do we have a formal nomination and approval process? Is it transparent and collaborative?