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Seems unusual to change like that, but maybe an MD to partner?
Anyway, to the question. I’m going to figure out if you will be accretive right away. What’s your book of business and where will you earn a living? I’m also going to ask and figure out who you know in the industry. I’m judging the level of relationships while we talk. After we talk, I’m going to connect with your clients ( it’s a small world) and get their take on you.
Usually, I press on why someone would leave their current firm. I get it if you are making a switch for a promo, but then I’m asking myself a simple question. Why am I promoting you if the people who know you best (your current firm) aren’t willing to promote you.
#G
Hopefully not a written test for you, sir. Also, most likely a completely bullshit story.
In addition to above: Will you be a good fit in the partnership? Do you share our values? Can I trust you with the firm’s reputation? What are your views on the industry you focus on, and are they credible? I.e. Are you a bullshit artist?
What’s an income partner?
Good point on the Sir. But wtf is an income partner?
Presumably meant equity partner
P1: excellent insights, thanks. Good also for those of us not looking to switch but needing to think about our own path up internally.
“Income Partner” in some firms is essentially the same as an MD. For example I know our Canadian form has both equity and income partners.
The main thing I would be looking to validate is the ability to generate a consistent book of business. I would be looking at it from a “quality of earnings” perspective, as well as evaluating breadth of industry relationships. Keep in mind that it’s much lower risk to the firm than a direct admit equity partner...and the tolerance for under-delivery is much lower.