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When you are already consistently performing the responsibilities of the next level over a sustained period of time.
What P1 said.
They can manage their own work and proactively determine what comes next without being told - maybe present options and ask their supervisor for direction. They know most of the time when to ask for help and when to look for the answer on their own. They recognize risks and issues and come with options to resolve (doesn’t have to be right). The are knowledgeable enough about at least one subject that they can bring a unique POV to the conversation. I could trust them to complete an assignment with good quality and thoughtfulness while I was out of office for a week. I trust them to act appropriately in front of a client without coaching.
Op what firm?