Revenue growth does not seem to be the problem in PA. Does anyone see a service problem in PA? If so, when would it make sense to focus on service over revenue growth? I know the saying “if you’re not growing you’re dying”, but can’t you also grow in other areas that aren’t as measurable like growing new leaders, growing employee talent through training, growing your company culture, growing your efficiencies?

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Every generation of partner talks about this but none of them want to be the generation that forgoes profit today in lieu of building a brighter, cleaner future.

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💯 I’m just going to start my own firm because I don’t have time to convince them. There will be a set of new partners that will be forced to invest and forgo profits to make it work.

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You will be a very progressive partner one day......keep it up

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In theory you can and some firms DO that, but it’s usually smaller firms. I’m talking more about Big 4 and National firms. We keep accepting more work, but it’s getting more and more difficult to service due to not enough staff, inexperienced Staff, untrained staff, changes in tax law, attrition, staff not willing to work more than 40 hours. The firms are led by people that are not willing to make drastic changes because they believe this is temporary, but it’s been like this for awhile. Just my opinion, but when I see SM, directors and partners doing low level work, I’m appreciative that they help, but that’s not what I would want when I’m at that level. We need to make PA more appealing for all levels.

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Why can’t you do that also?

I think the bigger reality, especially in big4, is that line partners really don’t have any power. The partnerships are so big that leadership has a tremendous amount of power (think closer to management of a public company than say most law firms). Even a huge law firm might have 200-250 partners. KPMG, the smallest of the big has 10x that number. Realistically that means leadership determines what happens.

They’re just too big.

Edit to add: There are still Wall Street law firms that can have every partners name in their letterhead. Entities, especially professional services entities, as big as the big4 operating as partnership are extreme outliers.

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