Each year, there can be lots of excitement around welcoming the newest cohort into the Partnership … but what about those who didn’t make it? Perhaps we’re less apt to turn our attention to these candidates because it’s uncomfortable. This can, however, store up problems that will come back to bite. Read on to hear what I’ve learned about how to look after this important talent during a critical segment of their career.
Let’s start with the reasons candidates don’t make it. While our minds may rush to worst-case scenarios, such as bombed panel interviews, lacklustre financial performance, or getting along poorly with VIPs in the Partnership, the realities are often less sensational.
I’ve seen an interesting mix of reasons over the years. Some that come up time and again are:
- “No room in the inn” – frequently, there simply isn’t space in a Partnership to admit all the Partnership-worthy candidates in that year, which means some stellar performers will need to wait.
- “Not quite there” – yes, the candidate has excellent potential and the backing of influential sponsors, but there are a few developmental points the candidate would be better off addressing before facing the additional pressure of Partnership.
- “Who are you?” – the home practice is fully committed to admitting their star candidate, but he/she doesn’t have the visibility to snag a win in the competitive firm-wide vote.
- And finally, the “Oh no!” – despite concerted efforts to maintain a tidy shop, something falls through the cracks and risk management can’t bless the candidate’s admission.
