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Not too far off
Coming up in the industry I saw partners as people who just went to lunch/dinner, played golf all the time and didn't do much work. When I made partner 9 years ago it was an eye opening experience. Partners do a TON of things...much of which is never even seen by the staff. Partners, among many other things, are responsible for bringing in new business and maintaining their current client load, all to maintain growth of the firm but more importantly to keep the people working for them employed with interesting and fulfilling work...it's difficult, but no business owner ever said it was easy. It took a couple years to find my footing as a partner but now that I've been a partner for this long I find I am really enjoying it. Don't get me wrong, the hours required are no less than what they were prior to being partner and the admin side of things can be annoying, but I'm glad I stuck around for the ride. The best part of this job is mentoring the next generation of people coming up. I started with nothing and was given a chance...it's nice to now do the same for others.
Love your post BDO 2. I retired in June after 25 years as a partner. Keep up the great attitude and perspective!
I grew up with some partners who made the job seem impossible with the number of hours they worked. Once I made partner, I committed to never being the type to chase the biggest book or highest wages. The end result so far is that this job is pretty great. I work reasonable hours mostly from home, make decent money, and get to spend quality time with my family. It's been an absolute win in my book.
This was my philosophy too.
Somehow ended up in leadership too, and realized I was in the higher bracket comp-wise than I figured I was too….
I think I realized happy me is a more productive me especially when I’m choosing to work on the clients and initiatives that interest me and am able to prioritize family, coaching little league, etc.
Sometimes things work out best when you do your best to be true to yourself.
2nd year partner here and it already feels like all the things I enjoyed about the job (camaraderie, learning new skills, thrill of a big pursuit/win) don’t matter and I spend my days either chasing more revenue or dealing with endless admin. Definitely not what I thought it was going to be. Not sure I’m going to make it to retirement with this endless rat race.
I'm the same boat as you. 2nd year partner and buried in admin and feel like I'm the one of the few on my teams who do all the critical thinking. A big reason, honestly, is the talent level and drive of the younger generation. Things seniors and managers were doing when I was younger are now being done at the senior manager levels. Everyone wants an answer without doing any research or independent analysis. Everyone is just looking for a bigger payday without putting in the sweat and tears. I get the business is different today than it was even 10 years ago, but I'm already looking for other options.
2nd year partner and I agree with the posts made by younger partners above. Not going to survive this rat race for very long and seriously wonder if I’ve made a major mistake. barely keeping my head above water - always trying to catch up, icing on the cake is making pennies compared to “seasoned” partners while running equal (or greater) sized books of business. I feel I’ve simply swapped one stressor in life (personal financial stability) for a much larger one (excessive work/keeping the house of cards from tumbling down)
I learned that I only had a tittle change and made more money which is not worth the stress. Life is more stressful, can’t take time off, have very few people to work for me……… and learned for sure that I can’t do this for next many years. I got to save what ever I can…….
Thought I had it understood when I made MD, but when I made partner 3 years later, it was different. Never really stressed over numbers. Listen, solve and create opportunities for the staff to learn and development and you’ll have no issues. Worry about the things you can control. Getting paid more in 1 week than I made in my first year in total. Crazy and appreciative of the opportunities partners before me created for me. It’s what we do!!
You’re getting more in a week than your starting salary? I need to talk to my PRP lol. Or, is this big Tim commenting?
I think they are saying they make 40kx52….so 2M plus? Skeptical.
Yes. I’m in a busy season fog. 7 figures and I’m not a he. Sorry about that.