Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. Our firm is a small firm of two shareholders and two associates based in Bakersfield, Calif. The firm was formed 15 years ago by the two existing shareholders. We have never added additional shareholders, but we believe that we owe it to our associates to have some guidelines as to what we are looking for in future shareholders. We’re considering a partner track program/document. Do you have any suggestions?
A. I believe you should have at least a general set of guidelines laid out in writing. For example:
Associates who have been in practice for seven years and employed by your firm for two or more years and who have consistently performed as outlined below should be eligible for equity shareholder-level review based on equity shareholder-level openings, competencies attained, performance, and behavior.
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