Comments on: I Pity The Fool: Partners Are Being Cut Too

By: guest

guest — Wed, 11 Nov 2009 14:33:28 +0000

This is spot on. I witnessed it at uncle D. Partners were demoted to Director. Humiliating to say the least. And if that were not bad enough, Partners were let go. Of the Partners I personally knew, only the ones who had any moral character, work ethic or genuine concern for those who worked for them were let go. The Partners that remain only care about their wallet and who they can kiss up to in the firm hierarchy. They all headed for cover when the economy tanked. Their only concern was saving themselves. What cowards. The staff that is still here has no respect for the Partners that remain. All the good ones are gone. (Yes, there were some good ones!)

By: fm

fm — Sun, 08 Nov 2009 19:03:34 +0000

@5
I’m hard pressed to think of too many now. Most that can consider partnership
have never worked anywhere else. If you are a go-along, get-along person or someone in a great niche with great skills, maybe you can make a good career and make it out alive on your own time. If you really like your work, like your clients, have a great team, and you are being treated fairly and can take care of your team, then it’s a great job. But how many partners in Big 4 can say that right now?

By: guest

guest — Fri, 06 Nov 2009 21:58:31 +0000

@ FM – In your opinion, what are the advantages of sticking it out to partner (if any?)?

By: guest

guest — Thu, 05 Nov 2009 04:01:56 +0000

Nice article. The only thing that matters when partners are cut are numbers – revenues, billings, realization. The points about quality, people and teaming mean absolutely zero. And if you bought that somewhere along the line, you are now gone and treated like crap in the process.

By: guest

guest — Thu, 05 Nov 2009 03:33:57 +0000

2 – we had partners demoted to directors (Uncle D). I don’t know the inner workings of surrendering the equity, but that has to be humiliating.
1- Good points, though I do feel bad for some of the more decent partners.
Nice article FM, it does give a little perspective on how partners are also hurting.

By: guest

guest — Wed, 04 Nov 2009 23:38:05 +0000

Why would a partner ever take a demotion? And a demotion to what? Client service staff? Does this mean they get their equity back?? Not a bad deal if the ship is sinking!

By: guest

guest — Wed, 04 Nov 2009 20:50:11 +0000

Let’s face it – the partners drank the kool-aid and then became the makers of it.
On the way to becoming partner, how many industry people did they encounter who made more w/ better work/life balance. And yet they chose to stay in public. They could have left at any point and they didn’t.
If you encounter dozens of opportunities to improve your situation, but don’t take any of them, then don’t cry about it.
But the worst part is that these same partners will continually try to convince everyone of the value of staying in public even though they are suffering for doing so.
I don’t have any sympathy for someone who gets exactly what they’ve asked for.