Here are my thoughts on what it takes to make partner: To make partner, you have to understand value and leverage. Most large firms run at a 26% net margin. If you want to make $500k, you likely need to drive $3-4M of value. Why? Assume you manage $3M. 26% net margin = $780k. $500k then goes to you and $280k to the firm. But a $3M expectation might even be low because firms have C-Suite and rainmakers who don’t bill clients… so to make $500k you might need to manage $3M and sell an additional $500k-$1M. These numbers sound big, but people figure out how to do it all the time. Larger firms make it easier due to the ability to cross-sell. It’s also very possible in today’s digital age to hit these numbers quickly. For example, in my firm, our 2024 parter class had a median age of 31. So how do you do it? Being great at your job (technical work, serving clients) is table stakes. You can’t be partner without it, but being great at the work and client service alone isn’t going to get you an equity seat. Partners know how to drive more value through leverage. Examples of leverage: - managing/leading a growing team - building a strong referral network - strong personal brand/large social following Focal points: leadership and sales. If you every additional hour you put into leading your team or selling new work delivers outsized results, you have great leverage. Unfortunately, this is the hardest part for people to figure out. Many people think if they just do more of the same they will drive enough value to make partner. But you can only bill so many hours. So if billing clients is your only leverage point, you effectively cap your earnings. If you want to make partner: - invest time in going to networking events, learn how to build relationships tangential to your services and call on them regularly just to keep the relationship alive - build your skills as a speaker / trainer… raise your hand for presentations - read books and implement best practices… (recommend Scale, The Manager’s Handbook, and Meditations) - build your personal brand, become a magnet for referrals with clients and in industry - don’t say you only want to work 40-45 hrs a week… no partner wants to work more but we collectively know we own the business and will do what it takes to get the job done. Sometimes that requires prolonged sprints. You want to join a partner group willing to sprint when needed. But if partners are always burning the candle at both ends, that’s a huge red flag and indicates they don’t have great leverage (I would steer clear of such a group) - most importantly, get results. Inputs are only half the equation… you have to show you can get results. Can you sell $500k-$1M of new work per year? Can you manage a $1-2M book with raving client reviews and little-to-no employee turnover? You can go through all the motions but if you can’t get the results you won’t make partner.