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No, they will fire you instead
Rising Star
Up or out baby, those are the options
I've been with a few of the B4, and I have never seen a demotion. If you're not performing, they show you the door.
Chief
My firm demoted some partners to directors.
This is one area where PA is better then. Lol. We are being told demotion is better than firing. But we are in industry, and in an industry that is way different than accounting.
Pro
Industry you’ll get fired if you make a big error. PA you just move onto the next client lol.
EY Australia a few years ago demoted a number of partners in tax to associate partners. Most chose to leave, a few hung around mainly because they couldn’t find another position elsewhere
They will not demote in most cases. There will be no promotion until partners feels that the individual can handle the work