Welcome to episode 324 of Grow Your Law Firm, hosted by Ken Hardison. In this episode, Ken sits down with Michael Roch, a partnership consultant who specializes in partner compensation and governance for professional services firms. With more than 25 years of experience advising organizations across the globe, Michael works with law firms and other professional partnerships on issues related to profit-sharing, incentives, partnership structures, and long-term sustainability. The conversation focuses on the realities of law firm partnerships, including how compensation systems influence behavior, why partners actually leave firms, and how owners should think about equity versus non-equity roles. Michael also shares practical insights on structuring partner buy-ins, aligning incentives, and avoiding the common mistakes that cause partnerships to break down. What you'll learn about in this episode: 1. Choosing the Right Partner - Why character, trust, and shared values matter more than compensation formulas - How alignment on vision, work ethic, and long-term goals shapes successful partnerships 2. Why Partners Really Leave Firms - Why compensation is rarely the primary reason top partners exit - How fairness, workload balance, and firm purpose influence retention 3. Equity vs. Non-Equity Partnerships - The strategic reasons firms create two-tier partnership structures - How non-equity roles can balance prestige, compensation, and risk 4. Structuring Partner Buy-Ins and Ownership - Why "skin in the game" leads to better long-term decision making - Practical ways firms finance partner buy-ins without creating financial strain 5. Protecting the Firm When Partnerships Change - Key partnership agreement provisions that help prevent disputes - Why due diligence and clear expectations matter before bringing someone into ownership Resources: Website: mhpradvisors.com/insights-signup LinkedIn: linkedin.com/in/michaelroch Additional Resources: https://www.pilmma.org/the-mastermind-effect https://www.pilmma.org/resources https://www.pilmma.org/mastermind