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I can relate.

Can we cut down on this WWIII hype already?
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Do you mean principal?
People get counseled out at every level, even partner.
Partners/principals have to retire at age 60, I think. And yes, senior managers are laid off if they don't get promoted to PPD after a certain number of years. The number of years depends on the career model that you are in.
If SMs don't make it here, sometimes they'll switch them over to the specialist track, which has more lenient timelines. especially if they are critical to an account
What exactly is the specialist track at the big4? I didn't realized we had one.
Yes, pwc1
Is there a difference between counseled out and laid off?
Laid off implies overall business performance doesn't support our headcount. Counseled out is closer to being fired.
Dinosaur SM's not in the promotion track are a big issue for us.