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Does anyone know if the same 401k rules apply at EY as Accenture so they will cap the contributions coming for your check say if you hit the yearly limits in August? So if you hit the 22,500 in 23 there is no way to go over for tax issues. Thinking to frontload next year contributions if market is down. EY
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Does everyone here drive kind of crazy?
When I cc, it’s never because I think it’s helpful
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Not a partner here, but don’t think it would work, being a partner means you are best of the best in terms of providing value to clients for top dollars. It takes dedication, consistency, and trust. Imagine coming back to work after six months (similar to coming back from maternity leave), it would take months just to reconnect with everyone, get back into the motions, and get updated of all the things happened in the past six months (regulations, technologies, industry trends, etc.), it would be difficult to operate at a partner level. I could see maybe having a less revenue goal and less clients with less compensation, which essentially is the director path as opposed to partner path.
Just don’t see how it would work in reality. Is it even possible to pair up two people who work so well together that they are essentially interchangeable to the clients? How is it any different than teaming in general (e.g., a partner bringing on a sr mgr onto an account)? How do the two people share credits? What if one pulls more weight than the other? Partner work isn’t like posting journal entries, one person can post four hours worth of entries, then two people can cover 8 hours. Even with posting JEs, there are inefficiency in sharing work because knowledge sharing can never be 100%. Again, if the goal is to have less work less revenue goal with less compensation, why not just be a managing director?
Also you’re missing what it means to be partner and the relationship side of selling. Executives are on islands and value a small circle of people they can lean on over time to bounce ideas off of and get advice. This isn’t sow based for 6 mos, talk to bob and then it’s Sheila. This is shit hit the fan Saturday at 9am who’s my corporate psychologist I call on my way to the kids soccer game. Maybe this works for a delivery focused director, but not a relationship partner.
Mentor
Job sharing would work about as well as spouse sharing. This is a relationship business. At a certain level, people aren’t fungible.
lol you can do the work but you won’t reap the benefits. Why would they want to share their profits with you when they worked so hard to get it for themselves?
I get what your saying, but what you’re in effect proposing is creating a two tiered workforce of 100- and 50-percenters. Everyone in a partnership is held to the same standards and metrics. With the model you’re proposing there will be two sets of everything. In the end it will breed resentment and a sense entitlement (e.g., “I’m here 100% of the time! Why should they get anything?).
I might be missing something, but that is my initial impression. I, for one, want to go all in into the partnership, not half way. Half way is not worth it for me.
That may work for a partner role that is akin to a delivery SME. It would be hard to develop talent, build and maintain relationships with leadership, “be there” for clients to foster the relationships and drive new business, and be recognized as a leader yourself. Also, based on others who have gone part time, they indicated that they ended up working a lot more than they thought for a lot less $. I think most partners are type A personalities and have a hard time turning it off, so they would likely suffer the same fate with a contractual agreement to cut the pay in half but internal personal drive to always keep a finger in the business. Partner is not just an “hourly job”. Being an owner, however bureaucratic and indirect feeling to the individual is still is a bigger responsibility than a list of job tasks. Maybe others can let go and could make it work, but I found it difficult, so I early retired in lieu of going for a lighter touch role.
Mentor
No for most true partnerships. Our current equity model is not set up to support this model. Until that changes which cannot happen for a while because current payouts support retired partners, this is not financially feasible.
Have to work 3,000+ hours a year or you aren't committed.