I’m considering a move from one big 4 to another, which I’ve never done as a partner before. What are the key things to be careful of? Once I resign, does the new firm pay me for my notice period? Or do I remain a partner of the existing firm during gardening leave?

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Read the partnership agreement

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I can’t see how resignation triggers another firm to begin to pay you right after. Unless it’s in Kazakhstan. Things are different in Kazakhstan.

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What country are you in? In the US if you tell your current firm that you are joining a competitor they are likely to lock you out the same day. Notice period may be irrelevant. Your “gardening leave” or non-compete period will absolutely be a consideration but your new firm should be aware and understand this.

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Definitely read your partnership agreement as all firms are different. You likely are required to provide some amount of notice. It is then generally up to your current firm whether to let you go immediately or put you on “garden leave”. Also make sure to check if your firm has a financial penalty for going to a competitor. Most of the Big 4 have these and they can be a lot of money (ie 25% of your compensation). You should have your next firm pay you for this with a sign-on bonus or some other form of compensation. But again check your respective agreement.

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Usually you can ask Partner Affairs the “what if” scenario and they will give you very clear answers

helpful

Have recently gone through this. With my firm, I provided a 6 month notice and was asked to go on leave until the 6 months was up (paid by current firm as if nothing changed). They could have asked me to go then with no pay. The 6 months was incredible as it gave me an opportunity to reset. Took a small haircut on the way out, which I negotiated with my new firm up front expecting it was coming.

Read your partnership agreement. You could put your retirement plan payments in jeopardy by working for a competitor.

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