The Partnership Model
Have you wondered how long the partnership, ownership model for public accounting firms will continue? I have. If you are at all in tune with the changing workforce, this topic must have crossed your mind.
Baby Boomer partners came of age in a different environment. If they worked long and hard they had a good chance of becoming a partner. Most did not even have to prove themselves as significant rainmakers. It was mostly about technical expertise and work ethic. You just had to prove that you were willing to work 60, 70 or more hours per week and that your work was accurate.
As business development became more and more important, many firms found that they had too many non-business getting partners and the sales aspect of the firm rested on the shoulders of a few, sometimes just one partner.
The current public accounting workforce desires a more balanced lifestyle. They question the process of becoming a partner and wonder if it is all too political. Is it all about who you know and not what you know?
All of this came to mind because of a very interesting post by Caleb Newquist on Going Concern titled, To Partner or Not to Partner, That is the Senior Manager’s Question.
Newquist explores the role of the CPA Senior Manager. Some senior managers share the fact they wonder if they really want to be a partner in a public accounting firm. They also see through the ploy of the non-equity partner, or Director, role as a mere parking lot for people who will never be a partner.
Read the article and see if any of it applies to your own firm.