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I’m a younger partner taking a wait and see approach. Generally optimistic.
Also cautiously optimistic. The old partnership model is outdated and overrated. At the same time, I'm somewhat skeptical of PE, so we'll see how it goes.
I agree about the traditional partnership model. In any firm of decent size, partner is more akin to employee than owner, but I digress. I work with PE as my primary client base. They are all about cash flow and exit value and at the end of the day, their investors. It will be interesting to see in the coming years (3-8) what the first round of exits will look like. Most firms don’t carry any kind of long term debt. Put $100m of debt on the books and the cash to service it has to come from somewhere….away from partners.