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Anyone working in Pune?@Stefanini
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When does RSM find out about promos/bonuses/etc?
Thoughts on big 4 boomerangs?
Monday's silver lining: The Bachelor
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Wtf is cohn reznick
Google is your friend
Current tax manager in Conreznick, can anyone share why it’s bad? But the CEO said compensation remains the same, and didn’t mention any bonus
If you like podcasts, freakenomics did an episode on PE.
Basically they buy companies, make them as profitable as they can in a short amount of time and move on. Average PE ownership is like 4 years so there's no consideration or motivation for longevity
https://open.spotify.com/episode/12j1heah9A4FCTzdkH5OS8?si=6UinF_7USRiIOJzYV8Alng
All of the downsides mentioned in this thread could apply to most of the PA firms as we head into a down market. Certainly at least to the one I’m at and we aren’t PE owned. At least with PE you know where you stand and you know the focus.
The intensity of those things is on another level. But it’s more about the total “going for broke” in the next 3-4 year period for a singular liquidation event (“the second turn”). With absolutely no strategy or effort put in to the future. It’s absolutely wonderful for those at the end of their career and/or with enough equity to get a big pay day. But whereas partnerships have to create a path to partner for upcoming leaders for succession, in this model there is diminished (if any) opportunity for future partners and younger partners to benefit. They will have reduced compensation opportunity, reduced opportunity for promotion and no insight or input to what the firm will even be in 5 years which makes it risky to invest their time in. Could be part of a big 4, could be part of a bigger PE roll up w new leadership, could be part of a public entity (see CBIz), there’s no way to know, except for there will be a huge change in ownership wiping out the current ownership (the partners).
7% sounds amazing. We got 0.0%. And I just heard they cancelled our path to partner program.
Not to mention we got the lowest raises ever this year…. Nice to see the PE money going to investment in its people.