{ "media_type": "text", "post_content": "I started a firm with three other colleagues about a year and a half ago. We all came from the same bigger firm and now obviously we are considered a very small. We want to make our first hire and hire someone for around $100,000 as a manager to manage around $200,000 of work. They came back at $120,000. After taxes and benefits that’s $150k to manage and prepare $200k of work. Anyone own a smaller firm who can share opinion? How much work should one manage for that kind of salary?", "post_id": "6111e47980ca590022a862a2", "reply_count": 10, "vote_count": 1, "bowl_id": "5f75071f4a076300201926c8", "bowl_name": "Partners in Accounting", "feed_type": "bowl" }

I started a firm with three other colleagues about a year and a half ago. We all came from the same bigger firm and now obviously we are considered a very small. We want to make our first hire and hire someone for around $100,000 as a manager to manage around $200,000 of work. They came back at $120,000. After taxes and benefits that’s $150k to manage and prepare $200k of work. Anyone own a smaller firm who can share opinion? How much work should one manage for that kind of salary?

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It sounds like you need to grow the book of business before hiring a senior manager. I would suggest $500k - $750k BOB for a senior manager. In the meantime, hire a heavy senior to help move this work along while you continue owning the responsibility for the work. This may not be the path you desire, but you have to build up the base. I wouldn’t recommend anyone take a job where their salary represents that much of the revenue. That’s too much risk for the individual.

likesmart

You’re still essentially a start up and in investment mode. If this individual has the talent you’re looking for then it may make sense to make the investment in your firm’s future.

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The pay range is probably in the ballpark (depending on the market), but possibly on the low end. The question I have is why would this person only manage 200k of work. Im guessing between three partners there is significantly more revenue generated than the 200k? Also, how many clients make up the 200k? Can more be leveraged to this potential hire to allow for growth? Does the 200k max out this person’s schedule? In any case, even as a small firm that level of managed revenue for a senior manager is extremely low. I would think at minimum it should be 5x that number.

likesmart

Just chiming in with another perspective on the assumption that maybe this person is a good fit for your firm for other reasons beyond just current metrics. Why not place the expectation on them that you will start them with a $200k book of business but you expect them to grow it to xxx by date?

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If they are good then you will find the work to make economic sense for the hire. Was at a small firm for 14 years. Had several instances there where someone good would come along and we had “no room” for them. We would still hire. Work will always show up.

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To add context, one partner thinks this is fair and commented that this is at the very low end of what senior manager would make at our last firm. But a senior manager at our last firm would be handling a team of staff and over a million in book of business so this isn’t exactly apples to apples.

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Made an offer for 120k. We decided that to us, having an experienced manager who can handle a client list and get work done without a lot of supervision is more important to us. We are all business generators and don’t want to spend a lot of time training someone, we want to keep growing. This person we hired does know that they will be responsible for training staff as we grow and do less prep work, more review and management.

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Small firm partner here - a senior manager should be managing about the same revenue as they would at a large firm. Salary should also be similar. Why jump to a senior manager for a first hire? Work on building your pyramid out. I agree that a senior should be your first hire. Second hire staff. Then a manager. Let your manager grow to a senior manager if you can wait on them given growth dynamics.

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