What does a Managing Partner do?
Learn all about Managing Partner duties, skills and much more. Get expert advice on how to become a Managing Partner.
Published 4 min read
A managing partner is responsible for the day-to-day operations of a business. They oversee the staff and make sure that the company is running smoothly. They also develop strategies to grow the business and make decisions on behalf of the partners.
Managing Partner job duties include:
- Managing and developing the business strategy of the firm
- Acting as a figurehead and public face of the firm
- Managing the day-to-day operations of the firm
- Developing and maintaining client relationships
- Motivating and leading the partners and staff
- Ensuring financial stability and profitability
- Planning and implementing marketing and business development initiatives
- Overseeing human resources functions such as recruitment, training and development
- Monitoring changes in the legal marketplace and adapting the firm’s strategy accordingly
- Assuming ultimate responsibility for the conduct of the firm’s affairs
Managing Partner Job Requirements
There are no specific educational requirements for becoming a managing partner, although most have at least a bachelor's degree. Many managing partners also have an MBA or other advanced degree. In addition to education, managing partners must have significant experience in the business world, and many have worked their way up through the ranks of their firm. Certification is not required, but many managing partners are certified public accountants (CPAs) or chartered financial analysts (CFAs).
Managing Partner Skills
- Strategic Thinking
- Business Acumen
- Financial Management
- Marketing and Business Development
- Client Relationship Management
- Practice Management
- Human Resources Management
- Information Technology Management
- Risk Management
- Change Management
How to become a Managing Partner
A managing partner is a senior executive who has both operational and strategic responsibilities. As a managing partner, you will be responsible for the overall performance of your firm. You will need to have a deep understanding of the business, the clients, and the market. You will also need to be an effective leader and have the ability to motivate and inspire your team. If you are looking to become a managing partner, here are a few tips to help you on your way.
1. Get an MBA or other relevant graduate degree.
While not required, an MBA or other relevant graduate degree can give you the skills and knowledge necessary to be successful in this role. A solid understanding of business principles will be essential in this role.
2. Start at the bottom and work your way up.
Most managing partners start their careers at entry-level positions and work their way up through the ranks. This gives you a chance to learn about all aspects of the business and gain the experience necessary to be successful in this role.
3. Develop your leadership skills.
As a managing partner, you will need to be an effective leader. This means being able to motivate and inspire your team to achieve success. You should also be able to make tough decisions when necessary and delegate tasks effectively.
4. Build strong relationships with clients.
As a managing partner, you will be responsible for maintaining strong relationships with clients. This means being able to understand their needs and provide them with excellent service. Building trust and rapport with clients is essential in this role.
Related: Managing Partner Resume Example