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Hence why some firms are taking PE investments to finally stop this unsustainable pyramid scheme.
You and me both. I’m very close to quitting. Too many admin and non growth partners taking the profits. Carrot was not worth it.
I’m dying to know which firm you are with. I feel the same with mine.
I find the following motivate me. I really need them all, as it is the balance that keeps me motivated.
1. Team relationships - Specifically growing a strong team that I can leverage. I will never forget the first time I went on vacation and one of my senior managers offered to handle things that arose while I was out. It took several years to get there, and I am sure to repay this. However, having support and strong team members who work together well is needed to have a large book of business and avoid burning people out (including yourself).
2. Client relationships - Specifically helping others and developing trusting friendships along the way.
3. Challenging technical work - If I spend all my time on sales and team development, I get bored and don’t feel challenged the same way I do when working on complex issues. I also enjoy the feeling of completing something, which doesn’t happen as much with the first two.
4. Taking a break to recharge - A week of vacation clears my mind so I can think better, be more productive, and come up with more ideas to benefit the practice.
Overall, I think the feeling of getting to partner and then thinking what now is common. There are so many years of striving for the goal of becoming a partner that I think we can become too focused on the goal and getting there with a knowledge that is your life for the next 20 years can be a let down. We all have challenging goals assigned to us on an annual basis. I create my own goals as well which I consider in the best interest of the firm and enjoyable/motivating for me.
I hope that helps a little. I might have to reread this to remind myself next month. 😁
Excellent perspective! There’s obviously so much wisdom behind this advice. Thank you!
$5M can be fairly high or quite low, a lot of dimensions to this. Some work is high margin requiring hands on specialty, other is low margin farmed to offshore resources.
68% margin work due to leverage makes the goal more attainable and kudos on those margins. We have other practices that have goals of $20+M, but they’re day to day involvement isn’t any more than someone with a goal like yours, the work is done by an army in India
Deloitte?
This was my thought too 😂
I would guess you are an equity partner. Comp systems that solely value tenure are growth limiting. Depending on size of firm, $5 mil of managed revenue seems unsustainable. Comp system sounds flawed. What can you do to influence?
It sounds like you are doing the right things. Still seems the reward system is misaligned. There is a lot of value in partners that cross sell and develop the next partners vs ones that stopped doing it. I like your comment about focus on the right things and keep the long term benefits in mind.