what is a managing partner

A managing partner is an individual who has an ownership interest in a company and also manages its day-to-day business activities. They are responsible for guiding the overall strategic direction of the business as well as managing its daily activities. A managing partner is someone who is a member and a manager of the business. They are involved in running the business and play an executive leadership role. Not all owners are managing partners. Some owners are not involved in management and will simply provide capital. Some owners play an executive role but are less senior than another owner who has the title of “managing partner” . The managing partner sits at the top of the law firm hierarchy. As a senior level or founding lawyer of the firm, managing partners oversee day-to-day operations and manage the firms strategic direction. The responsibilities of a managing partner typically include strategic planning, addressing core business challenges, financial management, employee management, and reporting performance and financial figures to corporate ownership or silent partners.