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Helping Associates Transition to Partnership
So, you have given your associate the good news ' she has just been elected a partner of the firm. Congratulations. Now, it's time to talk about what this means for your new partner from a financial perspective, especially during his or her first few years as a partner.
Unfortunately, too many firms fail to prepare their associates for the change in financial status that will occur upon their election to partnership. As a result, they can be distracted by financial concerns, and much of the goodwill generated by their elevation to partnership is lost. At the same time, those firms that prepare their associates for the change and lend a helping hand in the transition develop strong loyalties and better long-term partners.
Here are some of the topics the firm should put on the agenda well before the partnership elections.
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