What is a Managing Partner?
The diverse duties of a managing partner (MP) range from HR to the development of new clientele for the business. In order to fulfill the role completely, an MP must be competent in the performance of several important high-level services that make up the collective impact of their position on the team.
Defining the term
The managing partner is a senior partner who has been given authority over the daily operations and collective practice of their firm. In terms of their general tasks and priorities, the MP can be compared to a chief executive officer.
The firm’s representation
One of the main duties of the MP will be to ensure that the firm’s “face” is kept clean and becoming. The media relation aspect of a firm will of course be divided into different sectors, but ultimately, it will be a managing partner’s responsibility to bear. Representation for the AICPA, firm association, and serving as an ambassador at community events will all be roles that an MP fulfills on at least a semi-regular to regular basis.
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Regulating the firm
In meetings aimed at ensuring the firm is being regulated properly, it will fall upon the MP’s shoulders to ask the relevant questions that charge the team into action for improvement. An MP will commonly handle the distribution of minutes and ensuring that all meetings are conducted in a productive manner. Any time that there’s a pressing need for regulatory shifts or changes in the flow of business, the MP will be among the first to see the writing on the wall and make the right moves to see them through after the rest of the team has been brief.
Generating new business flow
In addition to the internal affairs handled by people aboard the team, the MP will also be tasked with reaching outwards to high-level personnel who can be counted on to add more growth potential to the firm. Naturally, as the firm develops, the generation of results will ebb and flow with the acquisition of new clients at different periods during the year; the MP’s task will be to keep new prospects in queue while current clients are being actively worked with on projects that have already commenced.
An MP’s duties are far from monolithic. Every sector in the firm that needs to be actively managed will be one that the MP has a hand in, from the technological sector to the management of finances. Rather than micromanaging each sector on their own, MP will usually oversee the firm’s administrator and handle the appointment of those who are best-suited for the role.
Ultimately, the job of the MP is to fulfill a role that that is at both times the firm’s spokesperson and representative. A managing partner’s duties are far from monolithic. Out of all of the different roles on the team, the MP will need to be one of the most well-rounded in terms of their capabilities and vital contributions.