We’re constantly reminding managing partners to think “big picture” and get the day-to-day stuff off their plates. Ideally, they should think and act more like CEOs, with trusted, competent and capable COOs at their sides. As CEOs, managing partners should focus time and attention on these types of priorities:
- Implementing Long-Term Strategic Objectives
- Maintaining Consensus Among Firm Owners
- Initiating Change to Remain Competitive
- Building a “Firm-First” Culture
- Enforcing Partner Accountability
The COO, working closely and in step with the CEO, should have primary responsibility to oversee the day-to-day business affairs of the firm, including Human Resources, Information Technology, Marketing, Finance and Facilities. Importantly, the COO should have a “seat at the table” at partnership and executive/management committee meetings.