I heard like 75 partners were let go for underperforming. Is this true and is this just normal part of business? I mean it makes sense if a partner isnt bringing in business.

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No it didn't actually happen. Fake news is rampant.

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Man I need to tune out fishbowl from this fake news. I thought Fox News was bad.

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Sad!

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I'm not sure if audit or advisory is also included in the number but partners have definitely been pushed out in tax.

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This is true. Either fired or firm paid partners close to retirement so they will retire early and the number is at least 75. I believe it is effective 6/30 so it won't be obvious right now. Some parents who were fired were very junior partners (like second year partners)... been with the firm for a number of years but this is not typical and don't think I've ever seen anything close to this number...

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I heard 80. I know a WNTS partner who got the boot.

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Retire or fire? There is a diff. Most partners wont stay to the required retirement age

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^Even if they borrowed, that doesn't mean they don't own the shares, it just means they also have a corresponding loan payable to the firm. Could easily get a bank or third party financing to pay back the loan, if they felt the shares were worth more. I'm sure there's a mechanism that outlines what to do in these situations, I'd just be interested for a partner to explain exactly what that is.

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Gawd, no wonder anxiety is rampant in Big4!!! Shit it never ends.

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True. XLOS partners cut. Also heard 26 EAs recently let go (most in NY) and about 100 senior managers or directors. Maybe earlier retirement than they wanted. Some not making numbers.

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Any actual andwers

Hmm. Were these fires or stepdowns in Audit only or also in Tax or Advisory?

How exactly does the firm go about this? I assume they have to buy the partners out since they are equity holders?

No need. Most partners borrowed the firm money to join without paying interests. There are also many not at risk partners too.

Most partners pay that loan back in the first 3-5 years. You can't just fire equity partners without cause.

This happens at Deloitte frequently. Either you make senior partner or the firm buys out your equity and you leave/become a managing director.

Wow I didn't hear the number was that high. We had a few in the northeast market though. I know two who are leaving 6/30.

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