I want to share with you three of the major trends that are affecting partners in the New York metropolitan area public accounting market. Number one: 60% of the firms have non-equity partners- that’s up 20% over previous year. This is very indicative of the continuing trend of firms bringing on non-equity partners and promoting people to non-equity partners and the difficulty of becoming equity partners. Number two: of new equity partner admissions, 45% are coming from the lateral partner ranks. This speaks very highly of firms that are doing a lot of lateral hiring. It also speaks very highly of concerns about the existing partner group if 45% of the partners being admitted to equity are not coming from within- this is a significant issue. Number three: of all the firms surveyed, 60% do not have a succession plan. That speaks to great opportunity and great risk. The opportunity is, as a lateral partner, you have a shot at being a successor and being part of that process. The concern is: will the firms actually pull the trigger and do what they have to do to achieve a succession plan.
If you would like to discuss this or any other issues related to your practice or career, please don't hesitate to contact me. My direct line is (212) 490-9700. Or email me at email@example.com. Absolute confidentiality always assured.