4 min read
Strategic Planning: How to Pass the Baton With Greater Success
Building and executing a long-term strategic plan is the cornerstone of success for every firm. And yet, managing partners often fail to set aside...
Gary founded Winding River in 2016 after growing SS&G to the 37th largest firm in the U.S. Now, Gary is working hard to help firms stay viable and win in today's climate.
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Addressing conflict as a managing partner and leading difficult discussions with partners are some of the most stressful, complicated, and dreaded for any managing partner. But they are necessary. Growth in leadership means doing the hard work, including addressing partner conflict and other issues in the firm. Managing partners aren’t always trained to be managers, which presents a unique challenge. As a leader, it is inevitable that you will need to have difficult conversations.
I’ve come across many firms that don’t properly provide for their future leadership needs, including established protocol and training for how to deal with people. Consequently, their leadership succession plans become limited and the potential for growth is enormously limited, even threatened.
That’s a core motivator behind why I launched the Managing Partner Bootcamp, where we distill essential leadership training and actively invest in a new generation of partners. Learn more about MPB here.
I want to break down the following:
This is the trifecta of where things often fall apart, so let’s dive in.
As a managing partner, you need to know which difficult convos are your territory, and which should be relegated to a supervisor or HR. A good rule of thumb is to keep the conversations that escalate to you only the truly important ones. Here’s how I’d create clear divides:
Managing partner convos should include the following:
There are many other conversations that probably don’t merit your attention. For instance, supervisors should handle all convos around the performance of their direct subordinates. The human resources department can handle potential liability issues pertaining to poor performance reviews, especially those that may warrant termination.
There are a few reasons why HR is well-equipped to handle certain hard conversations, and can definitely be a first line of report when challenges arise:
Trusting HR is essential to maintaining your leadership status and keeping your participation to high-level situations only. Therefore, it is equally important to know what is your responsibility and what isn’t. You must be selective about the types of things you get to involve yourself with. Non-partner related issues — like employee tardiness or gossip — are decidedly not in your court.
How you communicate, and how you deal with difficult conversations, sets the tone for the type of leader you will be. I recommend developing a framework for mentoring and training partners. This will mitigate a lot of conflicts and ensure they are continuously growing into better-equipped leaders. It’s important to regularly analyze whether your management of partners typifies your values:
In addition to setting the right tone and culture, I recommend that you set a precedent for regularly giving feedback. I recommend using the “feedback sandwich” method, which ensures you have positive comments bookending your constructive criticism:
I always recommend that you ask for a reaction or understanding, inviting them to ask clarifying questions to ensure they fully understand your critique.
Both when giving and receiving feedback, it’s essential that you manage your own emotions and intentions:
Sometimes, giving feedback is harder than receiving it, but both are important components of MP communication.
As a managing partner, it is easy to tune out when people offer you feedback, but that would be a mistake. Just because you are in charge doesn’t mean you are flawless, and feedback can be immensely valuable in evolving and improving your leadership skills or style. Here’s my advice around receiving feedback from your team:
This all sounds very peaceful, but of course there will be times when people use “feedback” as an excuse to be vitriolic or retaliatory. It is also important, as a leader, to say when you’ve had enough and draw boundaries if needed.
After you’ve received feedback, engage in some reflection: do you see patterns or themes emerging? Then choose how to incorporate this feedback based on the goals you have for yourself, your team, and the work.
As you lead the firm, you will not only give and receive feedback, you will always be guiding partners and other team members. The posture you take as you have interactions is key. There are four pieces of advice I have found to be immensely valuable to leaders in your role:
You’ll notice a double emphasis on criticism and praise. It’s important that you are liberal with the latter. You want to be firm, clear, and leave no room for interpretation. By managing all of your conversations this way, you’ll bank a lot of emotional equity to cash in on when you have to review the hard stuff.
If I could sum up my advice for addressing conflict as a managing partner it would be:
Praise in public, criticize in private, and always aim to be helpful.
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