Guest speaker Paolo Zanonni, partner at Goldman Sachs, discusses the firm's transition from a straight partnership to a hybrid partnership / joint stock corporation. The impetus for the transition was to obtain the advantages of the joint stock corporation, especially in raising permanent capital, while maintaining the beneficial incentive structure of a partnership. The partnership selection process, which fosters leadership, entrepreneurialism, and conformity to the firm's corporate culture, has remained virtually unchanged since Goldman's IPO. Mr. Zanonni describes the corporate culture and values of the firm as seen from the inside.