The full Partnership lifecycle – expert advice from experienced partners

While putting together our Curious Investor’s Guide to... Partnership we interviewed a group of experienced and exceptional partners. Many of them shared the opinion that Partnership, despite being a career goal for many people, is still often shrouded in an air of mystery. And this can make the experience of going for Partnership intimidating and stressful. Everyone we spoke to was keen to help others entering into the process and progressing in their career as partner. 

We weren’t able to fit all of their wise words into our Guide, so here are some top tips that we didn’t want you to miss out on. Huge thanks to Beverly, Carole, Nathan, Rachel and Richard for taking part and generously sharing their experience.

Carole O’Neil, Partner, HR & Training, Cundall

Carole’s 3 top tips... 

1. If you are on the Partnership track, it’s important to understand any barriers. It’s a big decision. For example, your remuneration and your risk will change year-to-year with the fortunes of the business.
2. As a Partner, be proactive about your own personal development. Don’t get complacent. Set yourself objectives, seek feedback, ask for development opportunities where you need them. 
3. With any business venture it’s smart to have an eye on your eventual exit strategy. This is about financial planning, but it’s also about the psychological impact of losing a part of your life that you’re emotionally invested in. Look at options for your eventual retirement from the Partnership – whether that’s part time consulting or doing something completely different.

Nathan Peacey, Partner, Foot Anstey

Nathan’s 3 top tips...

1. Manage your expectations – about how you will be paid as a partner and the degree of responsibility and involvement you will have with running the firm. I was initially surprised at the limited impact I was able to have on decision making. Understand what you will get to vote on, and if votes are weighted.
2. Make sure you understand the financial implications when it comes to tax, cashflow, liabilities, disposable income. It's very different.
3. You have options and Partnership is no longer the “be all and end all” that it used to be. Some firms also offer part time Partnerships, for example a 9-day fortnight or a 4 day week.

“I’ve always listened to my inner voice. Trust your instincts – wherever you are in the Partnership lifecycle.”

Beverly Kay, Partner, Trojan Management Search

Rachel Saint, Partner, Property Elite

Rachel’s 3 top tips...

1. There’s an expectation when you are offered Partnership that you will just sign on the dotted line. Don’t be afraid to ask questions and seek financial or legal advice if you aren’t sure.
2. Think about what you want. There is more pressure as a partner, particularly around business generation, and this will only increase as you move up the hierarchy.
3. Making partner isn’t the answer to everything. You might get the keys to the executive washroom, but you’ll likely find out that there’s a nicer washroom on the next floor up to aspire to! You’ll need to decide whether to accept this or keep on pushing.

Richard Waller, Recently Retired Partner

Richard’s 3 top tips...

1. In some firms, being made partner might not feel that different. Be prepared for this. Particularly if you are a salaried or fixed share partner with limited voting rights.
2. If you are thinking of moving to a different Partnership, be prepared for the fact that it might be uncomfortable. If you are jumping ship you are likely to be taking something of value with you. Take advice so that you can manage this difficult transition in the best way possible.
3. I planned my transition into retirement carefully, handing over some management responsibilities in advance and moving from equity to fixed term partner to reduce risk. I saw a lot more of my financial advisor in the last 2-3 years of being a partner! 

For more advice, wherever you are in the Partnership lifecycle, view our Curious Investor’s Guide to... Partnership. It’s full of tips from people who’ve been where you are now.