When equity partners switch firms and say they’re “bringing my book of business”, what does that actually entail? Are they voiding current contracts and having the client sign a new one with the partner’s new firm? What happens to existing projects the partner is in charge of then leaves?

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When people get promoted to equity partner, they're issued a little black book where they're instructed to write down key client and engagement info. This is the "book of business." More impressive partners will also bring their literal Rolodex with them when they move.

When a partner leaves, the normal course of business is to immediately drop the client(s) and never bid on any work at that client in the future.

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At my firm the book is green though.

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It really means they’re bringing the client relationship and if it’s a strong, they could get work - whether new or take over the existing. The latter is up to the client, not the partner - yet to see that to be honest.

Of course all of this assumes, there are no non-competes which is not realistic; all the big ones most certainly do.

If a partner leaves the firm for an in flight project, another one just steps in.

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