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Keep in mind being a partner at a PE-backed firm could be different; compensation-wise and even mechanically in terms of governance. PE firm is a shareholder and in most cases a self-serving entity towards itself and likely a small cohort of current senior partners. Proceed with caution…..
MD could be a good stepping stone while exploring the market over the next year or two.
I was originally planning to do just that, get to MD and take a year or so to decide what next and test the market, but the role Ive been offered is pretty unique so Im worried if i pass I wont get an opp like this again.
I would be one of a small number of founding partners, and yes the comp would be different to Big4 as i would essentially be a very well paid employee with significant sweet equity. Unlikely to match Big4 longer term, but im feeling pretty disillusioned with all that's happened and cant imagine just moving to another Big4 even if that was for partner.
I jumped from B4 to top 20 firm as an MD to Partner and it could not have been a better decision. B4 strung me along on partner track for many years and would have continued to as long as I allowed it. While I could have stayed at B4, a unique Opportunity presented itself and it has been great.
Really good to hear this, the more I talk to others who have made the move the more confident it makes me. So far not heard from anyone who has regretted it.
I find myself in a similar predicament. PwC is generally shifting towards a more MD-centric model, with fewer partners. If the compensation package at the PE firm is excellent and there’s an impending liquidation event, I’ll definitely take the offer and potentially earn more.
EY went this path last year for consulting.
Have you considered mid-tier or top 20 firms that might take you in as a direct-admit partner?
Those might comp about 20-30% less than Big 4, but likely less risk than a boutique with less revenue pressure than Big 4. Also helps you to market your brand without the backing of a Big 4 logo, but still a somewhat recognizable brand in the industry.
Agree. Take the title and pay raise. Congrats!
The PE backed boutique firm path sounds interesting. What are your two biggest concerns?
Citrin Cooperman? Unity Advisory?
Are you still being considered for partner? MD might be a stage gate before making partner. Not uncommon in the b4. Do you have a really strong network to bring in sales? Is the new firm you have an offer for primarily a “eat what you kill” kind of a firm?
Ive been told it could be a stepping stone for partner, but I dont want to bet my long term future on a maybe. I have a great network, am confident in my ability to sell but know it will be harder building ip a new brand. New firm is very focused on building a collaborative culture - while my 3 year personal target they have shared is ambitious its also realistic, and all the discussions have been on what the 3 to 5 year targets are for the firm and the partners collectively.
Hold off until closer to July, they told USfolks they would be rolling out better benefits for MD- might be global.
BUT if you were crushing your goals and still MD track, then its more that the partners don’t see you as their peer and they perhaps never will.
Im worried your final comment is bang on. No doubts on value i bring, but have always felt like an outsider. Maybe this is just more evidence its time for me to move on.
What practice are you in?
Were you in Destination and they justbrepivoted you or were you in PCLDE working towards being a candidate?
I’ll say the sales pressure is about the same but the incentives for collaboration is better at the PE backed firm given is single P&L approach.
Which industry sector do you focus?
I work in tax diligence and am broadly industry agnostic