New partner here. Any advice for a newly minted partner that you wish you learned earlier in your career?

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Welcome! Now the real work starts my friend... :)

My first rule is one I was taught early which is always assume 20% of your income is forfeit to firm performance and plan accordingly; be pleasantly surprised when you get anything in year end settlement versus nervous about making payments...

Second, I found right after promotion that a ton of my eager helpers disappeared into the woodwork since I was a new partner and therefore less important (in their minds, and probably in fact, too) to their next raise/bonus/promotion. Plan to rebuild a chunk of your BD/delivery team, and try not to take it personally.

Third, do whatever you need to do to keep your personal confidence high. You’re here because you’ve earned it and everyone wants to see you succeed. Nearly all of the bad behaviors I see from partners, and in myself, come from an unwillingness (usually from fear) to say, “I need help.” You’re our partner now; we have a vested interest in your success, so use the other partners whenever you can. Nothing makes me happier than to see someone into the partnership and then see their success continue!

Good luck!

likeupliftingsmarthelpful

Didn't even think of that one! Probably less of an issue given that I didn't have a bunch of Sr Ps... But still a risk.

Focus first few years on amplifying your platform, instead of chasing incoherent set of stuff just to make numbers. Strategically focus on your strengths- be willing to say no to things that aren’t aligned to your business focus. The numbers will come.

likehelpful

Thanks. Definitely feeling some self imposed pressure

Welcome to the club. Now it’s time to reinvent yourself and find what you truly want to do. Regardless of what happens, you are forever a partner of your firm

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All those people who supported you getting here now compete with you.

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This is highly dependent on firm / team culture. We actually try to help our new Partners knowing that there is always a ramp.

Focus on yourself and your success which means build your Pyramid and following, those above you who supported you are now competition unfortunately

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True partnerships don’t follow this model A1. It’s all loosely coupled and it’s all about relationships not top down.

likeuplifting

What’s the general expectation from a new partner in their first three years? How important it is to hit your numbers versus other factors such as building a platform for yourself, reputation, collaboration, teaming, etc?

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Those other things happen before you make Partner. The Partner Agreement allows for the firm to dismiss you if you don’t meet your metrics, so that should be your absolute focus. When times are good you have plenty of time to settle in as a new P, but when they are not, your numbers matter.

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Just made it to Partner - some good advice here. Thanks for sharing. Question - did your clients treat you any different now that you hold a Partner title?

Most of my recurring clients haven't noticed. With new clients (I'm a SME for a practice in my company), I find credibility comes slightly faster.

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