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The highest performing partner at my office just retired last year..he was ex big 4. Two of his biggest public clients and some large privates came with him when he switched..so his income stayed roughly the same
^I disagree. There's BS politics at the partner level at all firms. BDO and other mid tiers certainly aren't immune from this. I'd argue there's more BS at BDO with the massive acquisitions that the firms been having recently, which dilutes the current partners and which there are deeply divided attitudes amongst the partners as to whether this is the right approach. Their last CEO election was not a smooth deal and there were large numbers of partners who were not behind Wayne. The process was quite contentious and left many rifts amongst the partners.
Not necessarily true. They get tired of bs of some of big 4.
And I'd imagine he had less stress
Reasons other than money? Less pressure, better work life balance
A lot came over during the crash in the early 2000s, when the B4 were shedding weight. Most partners can't take their clients with them nowadays as there are non-compete agreements signed at the partner level.
Necessity... many are big 4 flunkies.
In short, politics at the partner level are found everywhere. There's usually another reason underlying a move from B4 partner to mid tier other than the politics at B4.
Manager 1 who in the world are you getting BDO information from re election and Wayne? Old guard partners who should have gone out with Jack Weisbaum and Denis Field. Agree about the point of acquisitions is it the right approach. However there are too many old partners at BDO that need to roll out. .
Tough to do in practice. They're owners in the firm. Tough to force an owner out.
Mandatory retirement age?
They already have that. It's like late 50s or early 60s
Right - that's why I'm confused by BDO 1's definition of "old"... most partners are at least 40-45
Well when Wayne was elected it was a contentious issue. The other partners up for CEO had significant backings and I imagine there were some politics at the partner level that came out of that. One of the ones that lost left the firm for EY. Maybe they are referring to these "old" partners who were not backing Wayne but were backing one of the losing sides. There were significant numbers backing the losers.
I am referring to ones close to retirement age which is 62 at BDO and were not open and are not open to any type of change. I personally knew the partner you refer to that went to EY. Great person but after Denis Field no tax partner was going to get elected CEO.
Denis Field was the Wolfpack guy?
The big4 has two fully qualified partner ready candidates, pipeline, for every one available promo. I am pretty sure the next tier firms do not have such competitive pipeline generally. Flunkies they are not, you do the math. Demographics and politics and business climate rule as much as qualifications and performance.
Yes Field was head Wolfpack guy and was head of tax when elected as CEO.
Whatever happened to the Wolfpack? Jail?
All went to jail except Field. Two trials and last one Field was acquitted. He lives in FL.