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Very excited about this!!!!!!!
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Should be a part of the partnership agreement.
I wasn’t asked to leave my firm but was probably on that path if I hadn’t initiated the conversation myself. What is spelled out in the partnership agreement is much worse than reality. In my experience I negotiated a 6 months of compensation, a year of full family health insurance, immediate payout of my deferred comp and of course roll-over of my other retirement accounts. I also took clients and negotiated better terms than the partnership agreement spelled out for that. What I ended up paying for the clients and files was pretty close to what I received in compensation and health insurance.
depends on your years of service. no pension if you haven’t had your ten years to vest
I heard it was one year of earnings plus retention of pension when they culled underperforming partners at our firm a couple of years ago (Big 4)
Hmmm good question- not sure. We’re also complicated by the fact that we changed to a cash balance plan ~6 years ago, so newer partners were vested already anyway.
I dont think anyone getting culled now is going to get a whole year of covid-boosted earnings/share value/unit value. The real culling will happen when the market flips back to a more normal time....
Don’t you have an employment contract that spells it out?
Does anyone in this bowl have an employment contract? Are they in the right bowl if so?
I’m just asking out of curiosity. It’s likely that some general guidelines are in the agreement, but believe these are decided somewhat case by case based on the facts and circumstances
I highly doubt the specifics are in the partnership agreement, for legal reasons. The firms generally wants soft landings for those who are counseled out, to minimize litigation risk.