In partnerships — professional services firms, law and accounting firms, and investment firms — the Managing Partner leads the firm. Here is what the role involves.
Leading a partnership
A Managing Partner is the leader of a partnership — a law, accounting, consulting, or investment firm, for example — responsible for running the firm: its strategy, operations, financial performance, and people. Unlike a conventional CEO, the Managing Partner leads an organisation owned by its partners and is usually a partner and owner themselves. This gives the role a distinctive character, blending running a business with leading a partnership of peers.
Leading fellow partners
The defining challenge of the role is leading fellow partners who are also owners of the firm. Partners are not conventional employees — they are owners with a stake and a voice, and leading them requires influence, consensus-building, and legitimacy rather than simple authority. A Managing Partner must set direction and make decisions while carrying the partnership with them, which is a distinctive and often delicate leadership task not found in leading a conventional company.
Running the firm as a business
Alongside leading the partners, a Managing Partner runs the firm as a business — its strategy, growth, financial management, operations, talent, and often its culture and reputation. Professional services and investment firms are real businesses that need genuine leadership, and the Managing Partner provides it. Balancing the demands of running the firm well with the partnership dynamics of leading owner-peers is much of what the role involves.
What it means for hiring
Because the role blends business leadership with leading a partnership, hiring or selecting a Managing Partner requires assessing for both — genuine leadership capability and the ability to lead fellow partners with legitimacy and consensus. These roles are often filled from within the partnership, but where an external perspective is sought, a search can identify leaders suited to the distinctive demands of leading a partnership.
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Explore Executive Search →Frequently asked questions
What does a Managing Partner do?
They lead a partnership — a professional services, law, accounting, or investment firm — running the firm's strategy, operations, and people while also being a partner and owner, and leading fellow partners who are owners with a stake and a voice.
How is a Managing Partner different from a CEO?
A Managing Partner leads a partnership owned by its partners and is usually a partner themselves, so they lead fellow owner-peers through influence and consensus rather than simple authority — a distinctive dynamic not found in leading a conventional company.
Related: What Does a CEO Do? · Operating Partner vs Portfolio CEO · What Does a Board Chair Do?
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