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I’m a new partner. I do not feel secure.
For me it was next step towards retirement. Retired as partner @ 57, now COO in a dream role that will keep me energized until it’s time to truly retire
At your firm, the “Lump sum when you leave” option takes care of that.
Partnership isn’t a role. It’s a designation. It seems like some think once you make partner you’re doing the same stuff for the rest of your career.
It’s not static. There are lots of different roles for partners in the firm. Depending on the firm, you can have more jobs after making it than before.
Partnership is highly remunerated, and very secure. Until it isn’t. Senior industry roles are the same. Industry has more potential upside (e.g. as CEO) true upside is rare, unless you are in the right place at the right time (i.e. luck). you can’t predict luck five years out. So do what you enjoy...
Mentor
I think about industry roles from time to time, but compelling opportunities aren’t so easy to find when things are going well & partner comp is quite high. The returns from success in industry can be higher since C-suite jobs can be way more lucrative than typical partner comp, but odds of getting there aren’t so high and my interest in taking that risk is quite low. And while WLB isn’t the best now, it’s not like my senior exec clients work 40-45 hours / week either.
I have thought about it a few times along the way. I like being a Partner but industry opportunities come along that have tempted me. The bigger issue for me is that as a lifer consultant I have managed to stay in one city throughout my career where my wife and kids have built a life. Jumping to industry means not only the initial move for the opportunity but likely additional moves for the next opportunity. As a partner I stay put.
The trick is continuing to find the next opportunity to grow as a partner!
I’ve never once been to a client that I thought would be a good place to work.
As someone who was a senior industry exec (SVP at F50) and came back to consulting, I can tell you that many industry execs see consulting as an exit. Most don't understand the pressures involved with selling and delivering. They think consulting is just going around and having dinners with CxOs and offering advice.
When I made the move back to consulting nearly a dozen execs I knew reached out asking how they could make the same move. Several years later, I still get a call at least monthly from someone in industry asking how to switch to consulting.
Having done both, I can't say one is better. Just different pressures and challenges.
I know a partner who just moved to a CIO role in industry. Too good of an opp to pass up!
coming from the other direction- svp at agency holding co and moving into consulting/partner level... the grass isn’t greener on the other side.. but like all moves you learn new things. i’m excited to get into consulting.. esp since agency holding co’s are in massive disarray
Met an former MBB sr partner who recently joined a company as a VP. Loves it
Also interested what your day-to-day looks like
For me personally, I enjoy the client aspect and would miss it too much.