Don't treat employees like family.

• Position: Tip of the month

While it's normal to develop a bond with people you spend the majority of your waking day with, if that bond in the office between management and employees is akin to family, the firm can be at risk. The risk to the firm presents itself when partners let their guard down and the level of professionalism drops. Partners and managers sharing personal experiences and feelings, using inappropriate language and speaking about other employees can create an atmosphere of dysfunction. Often times there is a perception of favoritism, which can result in a negative impact on employee morale.

Office celebrations that include drinking can exacerbate the problem and result in poor decisions, inappropriate behavior and unprofessional actions that cannot be undone. It's imperative...