What is the best way to divide workload betwn 2 partners in a partership firm?Assets/Liabilities activities?
I was wondering if we divide the activities as the appear in the balance sheet it may be an good idea.
Answer:
Look at each's core skills. Depending upon the focus of your law firm, you can build a "working closet" on the server that allows for each partner to work on projects based upon their primary skill or knowledge base. You will need to assign pay codes for skills rather than clients but in the end you will actually control your billable time more closely than when a single attorney takes an entire project. Appoint one partner as the case manager responsible for the entire knowledge base but use the working closet to ensure the best qualified attorney works on their part so the case dovetails for max efficiency while creating the most technically precise case.
I am an investment banker. I am the rainmaker and my partner is the executor. I bring business in, and he processes it. Figure out how to divide the workload by what fits your personalities.
You definately need to divide the duties so that you are both taking care of what aspects of the business you know best. The two of you need to sit down and make a list of daily functions that need to be performed and decide who best fits the bill for the job. It is always necessary to fill eachother in on a regular basis as to how things are going "in your world" so that you both can stay on the same page. You both will accomplish alot more if you know what your tasks are and stick to them. Good luck.
If you are referring to doing the books and banking and such let me suggest you leave that task to one individual. Its like the saying "Only one parent medicates a child" well the same concept applies here. When you have another person entering in info and he forgets or you forget then when the other person goes back to balance the book or compare to the bank statement or whatever there is confusion, accusation and then an argument.
Decide with your partner each others strenghts and weaknesses. If he is better at banking and organization let him do the books. Then you pick up ordering supplies or employee maintenance, inventory or whatever. Not sure what type of biz you have. There is always PLENTY to do, just divvy the tasks evenly not by the amount but by hours. Banking approx. 6 hrs wk comparable to inventory 3 hours a week twice a week or whatever
hope this helps
I don't understand what you mean dividing work based on the balance sheet. Each of you should work in your respective areas of strength. I had a partnership. I was the accounting, admin, tax, financier. My partner was the engineering, contracting expert. If you have similar strengths, then divide by clients, projects or whatever.
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