How to Bring in New Partners

As Baby Boomer partners approach retirement age, they naturally are focusing on who can take their place and eventually write their retirement checks. But many firms either don’t know how to bring in new partners or have outdated approaches for doing so. This monograph answers the questions: What are Best Practices for bringing in new partners? How is the buy-in structured? How is ownership handled?

Topics include:

  • What is a partner these days?
  • Should we have non-equity partners?
  • How do firms develop staff into partner?
  • What does one get for the buy-in?
  • When are they ready?
  • How do new partners get compensated?
  • What should their buy-in be?
  • 22 main provisions of a partner buyout plan
  • What should their ownership percent be?
  • How should voting work?
  • How does capital get determined?
  • What about non-solicitation agreements?

 

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