How Senior Managers Become Partners

At some point in their career, many accountants will attempt the leap from professional to partner. For some, it’s an easy jump over the crevasse. They have learnt what it takes to woo clients, keep them satisfied and lead with confidence. But for others, it can be a frustrating experience in which they arrive on the other side battered and bruised.

For years, partners at firms considered the leap a matter of natural selection… a survival of the fittest. But the partnership landscape has changed in recent times. Instead of the traditional ‘up and out’ model that rewarded most accountants for their longevity and dedication, changes in the marketplace and increased competition have required firms to modify their pathway to partnership. Today, the pathway to partnership often takes longer, can include a lateral move and requires accountants to demonstrate their business development skills.

Many firms single out individuals as potential partners in the early stages of their career, so how do you become one of the select few? This article explores what it is firms really look for when identifying future partnership talent…

First and foremost, beyond the primary importance of selling and business development, having the technical proficiencies is still a given when looking to become partner. You need to deliver the work as well as win it. So technical competence is something that must be embodied into an individual’s career early on. However, it is clear that technical work and expertise is not a clear differentiator. 

Partners are driven, high energy people, who exude self-confidence. Those who are striving to make partner, need to demonstrate that they can move effortlessly with senior executives in client firms and that they can generate revenue. The likes of Big 4 firms are packed with extremely competent technical specialists… but what really makes someone stand out on the pathway to partnership, is their ability to generate fee income. That said, notions of entrepreneurialism is a prime quality.

What’s more, client’s need to be kept happy. New business needs to be generated and delivered; new service lines need to be developed and for personal career strategies, hopeful partners need to be seen as less technical and more strategic… demonstrating the ability to be an all rounded business professional. This could also include charitable work that goes beyond the act of social philanthropy and is seen as a means of building social capital beyond commercial activities. Ultimately, it is all conducive to business growth, but really what it comes down to is being seen as a ‘trusted business advisor’. 

To be partner, you have to be seen market facing, building client relationships. You have to have the ability to interact with senior business people and have them want to come to you for your opinion about lots of matters. As an individual, you are expected to be creating a bunch of trusted advisor relationships with influential people, who will then use you as their route into the firm’s services. Therefore, partners are multi-faceted. They are commercially savvy, in touch with client concerns, understanding the array of services that might be useful for clients. 

Social skills are another crucial asset that a potential partner needs to possess. Clients want to actively associate with specific partners, those who can hold relevant conversations and who they actually want to spend time with. With that, articulacy is incredibly important, and allows individuals to extend their ability of dealing with diverse subjects and the capacity to hold such conversations. So with this, you have to be able to discuss what is relevant to the client rather than just trying to sell. You have to listen to their needs. Just think, if it means something to the client, they will want to see you again…  

So what other characteristics enable firms to identify future partnerships? 

Commerciality 

The long term health of any organisation is firmly rooted in its ability to market itself and win new business, which can mean that any partner within a practice is expected to spot opportunities that will ultimately benefit the firm as a whole and not just their area of expertise.

When partners are looking for people with partnership potential, they are looking for fee earners who are keen to become involved in the firm’s business development activities and have the ability to identify potential work-winning opportunities both with existing and in the marketplace as whole.

Building and maintaining a loyal client following strongly assists in your ability to make partner. Progressively, clients are expecting their professional adviser to be more than a technical specialist and you must be able to utilise your commerciality to ensure you benefit your clients.

 

Demonstrate commitment to the firm, vision and clients: 

When you become partner you have to be 100% committed to making that business a success. Consequently, partners are already looking for the next generation of partners to demonstrate their commitment to making the firm a success. 

 

Leadership and Management: 

Being a successful partner is not just about your ability to lead and manage others, but also around how well you are able to self-lead and self-manage. Just think, when you make partner you technically become your own boss. Partners will typically be looking out for individuals who show good leadership and management potential by; working well within a team, building, committing to achieving outstanding results and driving their career. 

 

Thinking Skills: 

It’s no accident that firms aim to hire the brightest. So the biggest asset any firm has is the minds of their people. The great thing about dealing with clients is that regardless of where you are in your career, you will always need to think on your feet.

As your career progresses, you will need to be able to spot opportunities for your clients and the firm. If there is one certainty in your life as an accountant, it is requirement to utilise your thinking skills on a daily basis.  

 

The Interview: 

Navigating the Path to Partnership

We recently spoke to a managing partner of a firm on their experiences of the path to partnership, the changes in the partnership landscape, tips and advice for individuals who want to make partner and the essential skills needed for business development.

What do you know now as a Partner that you wish you would’ve know as a senior manager? 

The biggest thing for me was that my work wasn’t going to speak for itself. That no matter how hard I worked, I needed to be vocal and speak for myself. I should’ve told people that making partnership was a goal of mine and I should’ve asked people how to get there.

In other words, I needed to be my own best advocate. It’s important to know that just your technical work alone doesn’t guarantee success. You need to get out there, get to know the people you work with and get to know the firm because then you can understand and recognise how you can add value… You need to be invaluable to the firm. 

How important is it to get involved in non-firm related activities when you are looking to make partner?  

Being involved in activities and professional associations is really important because of the opportunities you can get, such as developing leadership and communication skills. It’s also a great way to begin developing your own network. This doesn’t happen overnight so start early! These skills will be what you need to become a partner and you won’t acquire them by just sitting at your desk working.

I really encourage young professionals to take a long term view of your career. If you are just taking a short-term view then they you are more likely than not going to make partner, as you won’t have the business development skills needed. 

What did you do to learn to network, market and sell your services?

I read a great deal of related articles, watched how others in my industry did it and attended conferences or seminars where these issues were discussed. I was fortunate that I had a partner that I worked for who gave me the credit for my work in front of clients, introduced me to clients and allowed me to participate in pitches. This was great first-hand experience to see what worked for me and what didn’t.

The one thing I wish I had done was to ask a successful partner who had those business development skills to pick their brains around what they did and how it worked for them. 

What’s different for you now you are a partner? 

As a partner, I feel like I have more flexibility and control over my own schedule. I guess as a senior manager, your day can sometimes depend on the partners schedule whereas now my primary responsibility is to the clients.

There seems to be a shift at the partner level around adding to their ranks... what is your take on this? 

Firms are no longer making someone partner simply for the time they have put in working for the firm. I think now, people really need to demonstrate how they are going to add to the pie or contribute extra that makes them invaluable to the firm. Partners need to see what the benefit of the partnership is going to be.

The good news is, we are not in this ‘up and out’ environment as such anymore, and making partner doesn’t have to be the only option. There could be another role that could be mutually beneficial. It’s about making it work for both the firm and the individual. 

You’ve spoken a lot about how important it is to be invaluable. Do you have any advice/insights on how an individual can start to discover how they might be invaluable to the firm? 

Be pro-active and take ownership of your career. If you follow these steps along the way, you are going to be pushing yourself eventually into a position where you will be invaluable to the firm. 

 

The Do’s and Don’ts for making partner… 

Do: Tell your colleagues that partnership is a goal. Be open about your career goals to increase the likelihood of current partners having you on the forefront of their mind when it comes to partnership decisions.

Don’t: Think short-term only. If so, you may wind up becoming partner but without the necessary skills to really succeed.

Do: Demonstrate what you are going to add to the firm as a partner – aim to be both a generalist and a specialist. 

 

In the end, there may be no exact science to being tagged as partnership potential. However, there are tangible things that you can do to increase your chances of being seen as a future partner. As long as you think long-term and display the characteristics discussed, you can enable yourself every chance of being seen as partner potential.  

 

To find out more information on how we could help you on your pathway to partnership…

Please call: 0370 240 1010

Visit our website: www.adlestropconsulting.com 

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Get in touch with our experienced consultant:

Charles Magill: charles.magill@adlestropconsulting.com