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Additional Posts in Partner One
Favorite book and why?
Any IBM partners out there?
Can anyone recommend a career coach?
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You have time. 2 yrs mgr, 2 yrs SM and then knock it out of the park for 3-4 years as a D. Totally doable.
If you ever want to talk more freely about it, send me a note at 300madisonburner<at>gmail.com. Happy to make time (with or without my partner hat on!)
#DB
So if you are rated highly 4 years at manager and 4-5 at director so 8-9 more years puts you at 46-47. Still gives you the 10 years to vest just can't max it out
^ already adding the 2 years plus 4 as Director. And they say SM won’t slow progression. Interesting
Impressive impacts well above my level. I get the impression that it likely isn’t a worthwhile goal given my age and level. If partnership isnt realistic would rounding out a career as a D/MD be worthwhile or should I look at outside opportunities? I haven’t received a clear answer from my leadership.
Instead of 4 at manager they split it 2 at manager and 2 at senior manager therefore no affect on progression
P1 is correct. The expectation is time at D will be a year shorter by adding the SM level in. Time will tell if that’s true
It’s doable but you are Really going to be pushing it hard for them next 10 years. Good luck
I appreciate all of the feedback. My take away so far is that it is possible assuming the right set of circumstances. What about a situation where I, for whatever reason, linger at SM or D for a couple of years? I’m assuming that there is a reasonably definitive calculation of breakeven for buy in. If I go past that point is it still beneficial to go the MD/long term director route? I have not known MDs to hang around very long. I’m assuming there is a reason. That could also be an incorrect assumption due to my small sample size. I enjoy my work and like consulting. I just want to make sure that I am making an informed decision in my continued pursuit of long term career goals.
How long does it take to max out your pension as a partner?
20
Well, the good news is you’re still making ~400k a year (and that’s a starting point), so you should have plenty of excess cash to invest even if you don’t have time to max out your partner pension.
OP, just to dispel the myth that lots think exists, there’s no break even for the “buy in.” If you’re admitted to the partnership today and pay in your capital but leave for any reason tomorrow, you get back 100% of your capital.
But, from the way many look at the math, you need the years of vesting to “break even” because you’re not paid much more (if at all) than our most highly paid directors as a new partner from a cash flow standpoint (in reality, you are paid more but certain mandatory funding requirements impact your take home). By the time you’re in your second year, your take home comp starts to rise and by the time you’re 10 years in, comp is very good.
Does that help?
Thanks for the information P1. It is helpful to me to shine some light in that black hole of my knowledge.
What if I reframe my question a bit. What is the oldest person that you, or anyone else that would like to respond, have seen make partner?
I made partner with someone who was 58. I also knew an MD that was 56 when they made it. Both wanted to retire with the title but both regretted having made the move from MD to partner because of the withdrawal age.
My personal view — and YMMV — is past 50 doesn’t make sense because it limits your options by locking you in without the retirement benefit upside.
That makes sense P1. I had thought 50 but I knew I had a very limited rational for why.
Thank you for taking the time to answer my questions. It has been very valuable. I like my leadership but I wish that would be more specific in addressing my questions. I can understand why they generalize though.
Yes. I have a similar background and timeline. Just focus on doing well and the rest will be fine.