What type of Partner do you really want to be?

Many accountancy professionals have aspirations to become a partner but this requires detailed thinking and planning to understand what the right firm is for you and what type of partner you want to be.?

We have found the majority of directors and those who plan to make partner either haven’t considered the questions or are of the opinion that the role of partner is still the same as when they joined / started their career.

In both cases, this is a bit of a careless way of thinking about your ultimate career goals.

How does Partnership differ at other firms?

There is a misconception of sticking with one firm with an ambition of making partner. As we all know, not everyone makes partner. A little bit like professional sport, as a child you start out with a passion to be a professional footballer, rugby player, runner or swimmer but only a small proportion go on to become professional.

But you can still achieve huge success at a semi-professional or amateur level, get a sense of achievement and recognition. Your journey to partner is no different.

What happens when your loyalty to the firm isn’t rewarded?

You are overlooked for partnership, either an internal promotion or an individual has been recruited from outside of the firm This either means that your opportunity has passed or that it will take a lot longer to reach partner.

?It may also be the result of your internal “backer” or sponsor isn’t competent enough to help and push you to get through the process, despite you having the right potential.

Where do you turn now?

You have a wealth of experience but with a single firm. Does the lack of breadth in experience appeal to other firms?

All of this comes back to doing the groundwork on planning what type of partner you would like to be. This will shape the direction of your career to provide you with the best possible chance of making partner but also of having control over what the role looks like to you.

Types of Partner?

• Responsibility to grow and develop a business or service line. Ability and freedom to be entrepreneurial.
• A partner focused on planning for retirement - putting yourself in a position to arrive at a firm which will provide you with the remuneration to enable you to retire 5,6,7 years earlier than either your current firm or others in the market.
• A collegiate way of working - flat partnership model.
• Happy to work in a tiered partnership - greater earning potential if you have the drive to push further on in your career.
• Non-equity vs equity partner (as an end state rather than a starting state)

What are your drivers?

• Financial reward
• Leadership and responsibility?
• Work/life balance?
• Retirement - life after work?
• Recognition?
• A desire for a fresh environment or culture
• Different market focus

Areas to consider?

• Understanding the structure and how other firms’ partnership models operate?
• Developing a commercial nous and building a network to bring to a firm
• Ownership, financial backing and structure of the firm.
• Importance of work/life balance to you and your family?
• How much say, responsibility and freedom you would like?
• Financial structure and packages across the market - you will be surprised at how much they can vary.
• There is also a mindset shift from the role of employee to becoming a partner / self-employed, which firms providing varying levels of support with
• The ethos, market profile and culture of different firms and how that ties into your core values

?

If you would like to understand how Partner differs across the accountancy profession, to aid you in your career planning, please contact us for an informal conversation.

?

We are more than happy to share our market knowledge and insights.