Profit Sharing and the Role of Professional Partnerships
当服务质量难以评估时，企业会倾向于雇佣低能力员工。本文证明利润分享的合伙制能缓解这一问题，并解释了为何合伙制在专业服务行业（如法律、会计、医疗）之外相对稀缺，同时揭示了晋升制度、竞业禁止条款等特征。
When it is hard to assess service quality, firms will suboptimally hire low ability workers. We show that organizing as a profit-sharing partnership can alleviate these problems. Our theory explains the relative scarcity of partnerships outside of professional service industries such as law, accounting, medicine, investment banking, architecture, advertising, and consulting. It also sheds light on features of partnerships such as up-or-out promotion systems, the use of noncompete clauses, and recent trends in professional service industries.