What are the reasons partners get fired (besides sexual harassment and expense report fraud)? What keeps a partner from coasting and raking in the bucks?

like
Posting as :
works at
You are currently posting as works at

No different than anyone else in the organization, partners are held accountable for performance. Partners need to contribute value and need to be accretive and add to enterprise value of the firm each year. Sure, any partner can have an off year, but overall partners must give 100% and drive value to grow and perpetuate the firm.

Partners are not absentee owners. They must actively contribute.

I'm sure people reading this will think they see some partners coast and /or provide little value. Management must hold these partners accountable. It's for the health of the organization and for the benefit of all, including employees at all levels. Nobody wants a partner who drags the team down. We all work too hard for success to carry someone who wants to coast. And frankly it's not fair to staff and managers who want to advance their careers.

likehelpful

I wasn’t aware that they got fired for sexual harassment and expense report fraud

likefunny

Having had my ass grabbed multiple times by the same person, including after I told them not to grab my ass, and having reported it to HR, the office managing partner, national ethics, and the director of HR, then seeing that person promoted less than 6 months later, I'm convinced nobody gets fired for sexual assault... More convinced that it's a pre-requisite to be a sexual assailant to make partner.

likeupliftingsmartfunny

Sounds like a lawsuit to me

like

Non compliant audits

like

I can add from personal experience. Partners are let go for:

- performance issues
- quality issues
- expense report fraud (ie, stealing)
- affairs with staff
- harrassment
- independence issues
- any flagrant violation of policy
- putting the firm at or exposing the firm to undue risk
- etc

I realize in some places bad partner behavior or performance may be protected, but in general, partners are subject to the same guidelines as employees. There should be no sacred cows.

like

SAA1

I dont know the detail specifics and not asking on this forum, but if all accurate, then I suggest you find a team/firm that is culturally more aligned with you and the rest of us. Most have zero tolerance for harassment of any kind. It's never worth putting the firm or our people at risk due to the inappropriate actions of individuals. Depends on the specific facts, sometimes counseling is the right first step and sometimes termination.

like

@SAA1: If you’re not a troll, talk with a lawyer and then get it out to the media/news. If a group of people are covering it up then expose them. Easier said than done for sure. But if the firm isn’t willing to provide the appropriate response then make them. Look at what happened to that EY partner not too long ago. She handled it internally only to get no results. It was only when she took it public that suddenly EY realized that maybe such allegations should be taken seriously and politics should be cast aside. There’s probably enough money in a lawsuit to make it worth it. No one else at your firm should have to experience what you did. And you won’t be the last if you don’t speak up.

likesmarthelpful

Partners can and do get fired for not contributing enough and for doing stupid things. However, politics can come into play at the partner level and some partners can be protected until leadership changes. Bad behavior should be punished at any level. Sometimes partners are fired and sometimes they lose units

likehelpful

Trust me, I'm looking. It just sucks to have to quit to get away from somebody who has touched you against your will instead of the firm doing the right thing when they corroborated it with eye witnesses.

like

I hear newer partners complaining that they bring in tons of revenue but since they are new, they are not compensated accordingly. It’s basically about tenure.

likesmart

Damn Senior Audit Associate 1 if I was you I would call him out in a long email and CC the entire firm.

likesmart

Not necessarily sexual harassment, but I saw a partner get canned for having an affair with a subordinate on his team. It was a shit show.

like

I didn’t realize you could get fired for that ^ especially a partner

funny

Partner 1 - can you be honest and just say that you work in Human Resources. You talk about partners being held accountable - have you read in full the EEOC complaint that was filed by the former EY partner where there were multiple individuals complicit in the complain- yet in the end only one partner was “fired”. How about we look at Deloitte and their current chair not being placed for re-election. Why not the re-election , oh, she only tried to bury a sexual harassment claim against a senior partner. Your view point is hilarious.

like

Very true OP. Our youngest partner is 37, has the two largest engagements yet definitely gets paid the least. So stupid.

What’s a flagrant violation of policy besides expense fraud?

Partner 1/2 — can you say vaguely what type of firm you’re (big 4, mid market, etc) at and how the process of booting a partner goes? Obviously if they have equity you can’t just let them go so is it in essence a forced buy out per the partnership agreement? What if they don’t agree with the buyout value? Is there a standard (obviously it will vary from firm to firm)

I can say first hand I saw bad partner behavior, reported it in the appropriate channels, and nothing was done. In fact, someone in leadership accused me of having it out for this partner that I reported. That same person in leadership pointed out the partner is close to retiring and shouldn’t be adversely affected.

Only the most egregious behavior results in a partner being fired. That, or publicized behavior

I was asked by my manager ( who was told she was in partner track) to expense something that was clearly not in policy. She “forgot” her Amex and told me when we were standing at the check out counter. Then I get called in to get audited for expenses and I told them my manager had authorized it. She confirmed it and told them she was in the partner track and another partner vouched for her. I got fired and she got promoted to senior manager. She is still abusing policy. To me partners can do whatever they want. Like @P1 said to @AAS1- the solution is to find another job bc partners know they won’t get fired .... this happened at a big 4

Related Posts

I was laid off early in the pandemic, and other than a TINY bit of freelancing have completely missed out on the remote work experience. Starting a new FT position (FINALLY) and wondering what advice y’all might have after almost a year of WFH. What’s changed/what to watch out for/ balancing on/off hours, etc. Thanks to you all 🙏

like

How common are layoffs at healthcare agencies?

like

Hey all, ~7 years I've been working with fixed income analytics (duration, spread, etc) and perf attribution for institutional inv mgmt firm with close to $400B aum.

I'm being laid off in a couple months. Should I say I'm being laid off in interviews? Or is that a negative? I get severance if I stay the whole time so ideally I can time it. Have finance degree, CFA charter.

Most of work has been IG, but also some HY, EM and equity. Want to go into equity research/PM- worried I'm pigeonholed

like

I feel like my work place is either discriminating against me or has me on a list to get rid of. At the expense of coming across as a jerk I stand up for myself at work and I'm not afraid of telling my work place no. Which is one reason I feel I'm on a list that my upper management doesn't like. I don't go out of my way to be a jerk but I know my rights as an employee and my work place doesn't like that. They won't let me promote but let people I've trained get promoted.

like

Hi guys, I have got an offer from Verizon. Role: MTS-3. Package: 21Lakhs (Fixed) + 12% Variable pay + 45 days of monthly salary as relocation expense + 50,000 joining bonus. YOE: 5.6 Years. Does the package look fine or shall I negotiate further?

Heard news about layoffs in pwc .Is this true?
If yes why is there not a single post about it on linkdin?

like

Have I just had bad luck with the companies I've been at or is it like this everywhere? I've had 7 managers in my 4 years of experience, 3 in one year at my first position (which is why I left) and now 4 at the 2nd company in 3 years. There has been a mix of people leaving and people getting fired but the instability feels extreme.

like

Heard through the grapevine that OPRG has begun the process of planning to consolidate Ketchum, Porter Novelli and Fleishmann in North America. That layoffs are coming again!!

likesmart

Can we reimburse iron for clothes under any subsidy from DUSI? Genuine informative answers only. Please limit your sarcasm to other posts. Thanks.

like

I was recently fired by a terrible boss at work. Afterwards, a friend of mine knows about this takes my boss’s side & stocks me on social media. This “friend” takes screenshots of my posts (previous work w/ ex boss) then sends them to my ex-boss telling her I’m stealing her listings. The whole office is involved in this mess & I clearly know it’s this “friend” that ruined my reputation at the office.
I wana confront this friend BUT she is the daughter of my husband’s boss.. what do I do?

like
funnylikesmarthelpful

I think layoffs would be coming to PwC as well. They hired too many in past 2 years. Utilization is down and so is profitability.

like

I didn't get the new senior registration email. Am I fired?

like
like

Looking for a Per-diem Nurse Manager for overnight shift, 11p-7am for a psychiatric facility in New York. Is anyone interested??

like

Does JP reimburse nowadays for home office equipment?

like
like

Working at a company and they can’t seem to hold on to their female, black and people of color employees. I blinked and 3 of the people who were in my onboarding class were either fired or they left. For context I’ve been in company less than a year and there are people who have been in the company 25yrs. I’m thinking of cutting loose before it gets to my turn.

like

Deloitte partners circa whenever they realized they could let everyone leave on their own before the recession, instead of having to pay severance for 300k people.

Post Photo
likefunny

I need to perform well after months of bad performance for 6 months to not get fired I'm scared but want to do it impossible?

like

More Posts

Does anyone have a recommendation for toddler girls pants/leggings that aren’t slim fit? Need a looser waist pant or legging. The Carters brand is way too tight/slim. Which brands run more relaxed fit? Thank you!

like

What kind of behavior systems do you use in your classroom? I teach 1st grade. I’m tired of using the folder/calendar system with 🙂/🙁 and a prize box. Any ideas?

Is Fashionphile credible? How is it compared to Vestaire, TRR, Rebag, and Tradesy?

like

A girl I was dating thought How did you meet ypur SO or your Ex? Who made the first move?

like

What’s it like working on credit card/finance clients like Visa, Amex, and Capital One?

like

Looking for non- fiction book recommendations. I just read Shoe Dog and loved it.

like

Resume best practices for a BCG application - do I need a summary and does it matter if its 2 pages? I have 10 years of work experience

Do Capgemini gives monthly internet bill reimbursement? Also is any other work from home reimbursement budget is there? Capgemini

like

Met someone I like and pretty sure he likes me back too, but none of us make any explicit moves because we both know he wants kids and I don't. Another reminder for me that it's hard in dating. 😕

like

How is WLB, Growth in O&I team for a sr software engineer?

like

If only we could sign up online and pick up a steel Daytona at the local cvs

Post Photo
likefunnyuplifting

Anyone working in private real estate company and you need to do an excel file to upload investor reporting?

Hi All
I have join new project before a month as a tech lead. From first day my manager started pulling me in client meetings and set expectations to speak in meetings, looping in different topics and asked to take ownership of it. Also lead the calls , manage entire team , 100% billibilty etc.
Even before i complete my KTs and undestands projects, process its very difficult to meet these expectations. Please help me to decide what to do in this situation?

like

Anyone who utilized summertime on july 19th lunch, DM

like

When to return to work? I live in CA - my son was born in mid March and I’ve been on disability through July 8th. My original return to work date was set for July 25th assuming a 6 week disability and 12 weeks of bonding time. Since my disability was extended I still have 11 weeks of bonding left to use. Should I use it all now & push out my return date or return as originally planned and take the rest in 2 week blocks spread out every ~6 weeks until he turns 1?

like

When will snapchat start poaching agency creatives like FB? Have they already?

like

I started a job with a restaurant as part time they hired me at a higher wage but after working for one week the other manager came to me telling me that they can’t afford what the other manager and I agreed on so now i have to work at less or I could look for another work options, she meant I should leave otherwise. What should I do?

What’s the latest? Let us know if you’re ‘at risk’ your level and DTE. And the best of luck to us all!

like

Can someone please refer me for mastercard Pune. Skill performance testing engineering

How does a person get connected with recruiters in their field? I’m in branding and marketing

like

Additional Posts in Accounting

I'm updating my resume preparing for the worst case scenario. If I transferred from one firm to the next and do the same job (group position etc)
How do I present that on my resume?

like

How do people get away with filing HOH when they have no dependents?

like

What is your super power?

like

Anybody know any consulting firms that’s specialize in the entertainment, music or fashion industry?

like

Could someone please give me a name of a good recruiter for tax in the Seattle area? Thank you in advance for your help.

like

Is it frowned upon to jump from big 4 to big 4? Or any firm to firm for that matter

like

Heard an ED say "Don't fucking tell that,<name>" to a staff, I know that the staff did a bad job but that's no way of talking. I guess this is more common in NY.

like

When I search 'accountant' in my iPhone memes the first one that pops up is a kid wrapping a phone cord around his neck #meeveryday

like