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Additional Posts in Partner One
But what if you *are* Partner 1?

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There should be a lot more to your calculus than money vs. family time. For example.. do you like the work? Does it energize you? Are you good and efficient at it? Are you a high performer? Has anyone indicated that you might be on a partner path already? If answer to all of these questions is no I would say your chances of making partner are slim and you will be facing a choice between non-equity partner and alum when you’re a SM4/5.
OP take some of this with a grain of salt. I didn’t mind the job as an associate and actively disliked it as a senior - M1. From M2 and now as a SM I really enjoy it and I’m being told the partner path is something they’re considering me for in the future.
Not saying you shouldn’t evaluate these as EY1 suggests but I’d also look at whether you enjoy what your SMs /PPMDs do and if you’d be good at that (the job changes dramatically)
Coach
Set tangible growth goals as a manager - client relationships, skills, business development, developing staff/seniors, building brand/network above. Behave as a senior manager before getting to the rank. Take the necessary time to hit those goals so that by entering into the SM rank there’s a plan and confidence to hit the executive rank.
One or two more years as manager building a strong foundation > better than one of two more years as a senior manager struggling to be successful.
And don’t fall into the trap of conflating PP and MD together. They are very different paths, have different barriers to entry, and wealth accumulation potential.
This. Very good advice
For me, a compelling package would mean at least high six figures in base and bonus, with a clear path to seven figures as performance grows.
I mean, that is the PMD route….
Partner/Principal compensation starts around $500k and the average is over $1 million after 5-10 years. Plus the pension and payback of capital contributions after retirement.