Partner One

Maybe this is a stupid question - but what incentive do partners have to induct new partners? If I were a SAP Finance Partner, why would I help someone come on the table? Is it just on principle?

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These are my reasons which I believe most of my peers share: 1. Financial a. Current incentives - we are a partnership, not a franchise; all of our profits go into the same bucket which is divided up after we play our liabilities and make investments back into the business. The more effective partners there are, the bigger the size of the bucket. It hurts is directly when we either leave business on the table because we don’t have enough partners or they’re not as effective. b. Secure retirement - for some firms, B4 for example, pensions of retiring partners are being funded by current partners. When I retire that will be the case for me as well, so it is in my direct interest to promote the best people who will be able to effectively fund my pension. When I support somebody, I see myself lying on the beach in French Riviera, so you bet I will want to pick the best folks. 2. Reputational You have to be a good leader and drink the cool aid a bit to become a partner. Most of us do not consider this just a promotion. We take representing our brand, serving our clients and taking care of our people seriously. Most of us are in this career for the long haul; we don’t jump ship often. We are owners and see ourselves as contributing to improving the brands that have existed for decades in some cases. We want our firms to succeed. It’s a matter of pride. 3. Legacy One of the biggest reasons I am in this business are the people. Smart, hard working, ambitious, funny. I love my teams. I want them to succeed because they deserve it and because selfishly I want to succeed and I can’t move on to the bigger greater things until someone can replace me. Professionally, my favorite day of the year are the partner and MD promotions. The first time the candidate i sponsored made it was one of the happiest days for me; to see someone reach the goal that is important to them after working so hard and be genuinely happy about it is an unbelievable high. I will never forget it. As you get older, this becomes even more important - you want people to be successful, you want to leave a legacy and for many of our our legacy at people that replace us.

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likeuplifting
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Great insight ... thank you

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Because someone needs to keep the firm healthy to fund your pension after you are gone

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likesmart
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You get paid based on the profitability of the firm. Strong incentive to have the best potential contributors on your team versus someone else’s.

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likehelpful
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...and growing. Because there is only so many thing you can sell and deliver on your own

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This is a good question. As the top gets older they become more incentivized. However, younger partners, not so much. This is why we see this system work.. for now

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I mean it’s not a new model, not sure how ominous your “for now” can really be

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likefunnyuplifting
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Each partner must be accretive to the firm's revenue and profitability. That's why it's a strenuous review process with multiple rounds of interviews of you and others to make sure you'd be able to deliver

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Isn’t it true that if new units are issued then existing partners units get diluted because revenue will get divided by more units ?

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I get the reasons for Partnership. Not clear for salaried Partners like IBM. IBM Leadership seems to like ‘buying' Partners from other firms.

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C1 - there are two things that determine success for incoming partners 1. Not letting pride get in the way - ask for help the moment you need it 2. Spend the first year building your network with other partners and with the global markets team

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