Potentially accepting a role as a Partner at a non B4. What admin / partnership questions should I dig in on to really understand anything I might not know to ask as a first time Partner? I am an equity holder in my current firm but it doesn’t really operate as a partnership so curious for input. Thanks!

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Posting as :
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Wait, this is a real question? Not a “how much you make” question?

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What are the revenue expectations? How are rewards aligned with goals (ex growing into bigger corp clients vs small companies)? What is the staffing situation and plan? What does the typical leverage model look like on engagements? Average client size and goal for 5 years from now if different?

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This is a very underrated comment.

Some firms utilize their partners as highly paid directors while others demand sales targets that may not be achievable.

Understand the financial position of the partnership - was there a PE transaction recently or being shopped? That makes a huge difference.

Understand the role - what do they expect years 1,3,5,10? Are you expected to be a subject matter specialist, lead and grow a practice, expected targets and how they rate performance.

Probation period - is there one and on average how many direct admits are pushed out after the probation period.

Who will you be reporting to - make sure you’re meeting them and are comfortable working for that person. They have the ability to make or break the role.

Understand every aspect of comp - this includes cash flow, retirement plans, what is subject to firm risk vs qualified plans, perks, and K-1 reporting.

Know yourself - is this a stretch role, logical next step, step down? You don’t want to move firms and struggle from day 1. Is there potential career progression at this new firm or will you need to jump again in a few years?

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Understand the partnership governance structure with respect to ability to participate in leadership decisions and to see the records of your partnership. I'm a B4 partner that has been at a few different firms, and some are much more transparent than others. My current firm is much less transparent than my previous one - we dont even share partnership shares data within the partnership. Many of us feel like partners in name only.

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What firm?

I hope you get a real response here or elsewhere. Best of luck from one of the peons.

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Yes, search threads or bowls here and Glassdoor. I would say research potential risks and liabilities, how resourcing is managed, margins and profitability trends.

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Read the partnership agreement

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You might get better answers in the secured partner bowl.

Can you send to me too? I’m new as well

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All good insights so far I appreciate it!

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