ARTICLE · 16 JULY 2015

Definitely Mabey: Questions That Should Be Asked And Answered By Partners…

Applied Strategies, Inc.

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Many firms are focused on internal issues at this time in an attempt to get their "house" in order for a myriad of reasons including client service; partner unrest; solidifying a base to move forward from; getting their financial affairs in order to be more attractive to potential merger partners; addressing legacy issues; compensation issues; etc.

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Many firms are focused on internal issues at this time in an attempt to get their "house" in order for a myriad of reasons including client service; partner unrest; solidifying a base to move forward from; getting their financial affairs in order to be more attractive to potential merger partners; addressing legacy issues; compensation issues; etc.

To do this firms are seeking partners' input. Unfortunately, in many cases with limited success.

There is a threefold challenge to this exercise:

To ask the right questions;
To get a majority of partners to not only answer the questions but to do so with frank openness; and
To act upon the answers.

This column will attempt to provide a sample of the types of questions that should be asked and suggest one means of seeking frank honest answers. Without knowing the answers it is neither possible nor appropriate to suggest ways to act upon the answers and in fact the solutions will vary from firm to firm.

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