Im in talks with another public accounting firm for a lateral Partner move. The firm is smaller but I feel like its a sweet spot where I can thrive. First time going through this process. I was hoping to chat with other Partners or senior partners that have gone through this and can advise me on key questions I should ask and risks I should consider as I begin the partnership agreement review. Im a 3rd year partner. Not entitled to any termination benefits.

Thanks!

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Interview EVERYONE you might work with. I went from a B4 to a slightly smaller firm (just outside B4) and the drop in talent was unbelievable. I eventually left because I no longer had any confidence I could deliver at a quality my clients expected and I didn't want to risk relationships (I do strategy and digital transformation). The firm refused to fire anyone because in their eyes these folks were top performers but at my last firm, most would have been on PIP.

Also not a show stopper but get a good understanding of admin support. Assume all the systems (contracts, timesheets, invoicing, expenses, travel, HR, etc,) are a decade behind what you use today and a shared EA may mean hours on weekends spent doing manual administration. I ended up enlisting an unstaffed analyst to assist my EA and even she complained at how many hours basic tasks took.

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First things first. Read your partnership agreement with current firm. You mention no termination benefits but I don’t see how that applies if you quit. You need to be crystal clear on the current non-compete provision.

Three questions I see as always present (a) how does the new firm successfully integrate lateral partners, (b) how do they plan to ensure that you are successfully integrated, and (c) what does your guarantee look like/how is it structured.

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