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I would start by reading the partnership agreement.
Already done. Requires several months notice but seems that is never enforced.
Heading into a recession seems like a bad time to leave. But recognize there are always personal reasons for things.
More facts are helpful.
Age?
Vested in any retirement?
Any cash capital?
Are you an equity partner or non-equity?
Do you plan to one day compete on your own or with another firm?
Specialty (audit, tax, advisory)?
How large a ledger do you supervise?
How many client do you supervise?
Are you the primary relationship partner or is it someone else?
How large is your firm?
Is there an obvious successor to take on your clients?
What is timing of compensation payout at your firm (ie base vs final draws)?
And that's just a start. Firms can have numerous hooks that make it tough to leave. Depends on the facts.
If you are a younger non equity partner with no vested retirement and no cash capital, then your risk is likely less and likely much easier to leave. But still be wary of compensation timing as you may always be leaving comp on the table.
These are helpful considerations, thank you. I understand the likelihood of leaving some comp on the table. I’m at a top 15 firm. Not concerned about client transition. Early 40s, no vested retirement, no capital loan, no equity.
I've never heard of firm trying to enforce the extra notice for a non-equity partner.
I would recommend that you stay at your current position until you find a new job. Or at least go through the motions of starting your own firm/ one man shop.
I have heard of the notice period being enforced for a non-equity partner, but I still agree with finding a new position first unless you are completely burnt out. People are used to waiting for someone at our level. If someone needs a partner level professional there the next day and just can’t wait it is a bad sign. You should be joining a firm/company as a part of a long term plan, not to plug a hole in a leaky boat.
Seems like if you have no retirement, capital, equity at risk there’s not a lot of reason to worry about the notice period or other restrictions. What’s the down side? Lawsuit seems far fetched. Typically those things have teeth cuz they could withhold your payout if you don’t follow partnership agreement.
Not that I don’t agree with comment about heading in to a recession and thinking through your next move.
Was a 1/4 equal partner in a local firm. One of the other partners called immediate meeting before Christmas and demanded changes, offering a number of options. One of those options was I leave the firm. We did not have a signed partnership agreement. I ended up leaving the firm and they are now demanding I pay 1 year’s collections for leaving. If clients follow me to new firm, am I responsible for paying commission for those clients? Does it matter if I join new firm as partner vs employee?
Seems like without a contract there is nothing to enforce. Demanding commissions may run afoul of state board rules.