In the second part two-part blog post, taken from an extract of ‘How to make partner and still have a life’, we explore the four different routes you can take to get to partnership. (part 1 here)
The In-house Route
This is a less common route to partnership due to not having a client following, but one that brings many benefits particularly the first-hand experience of being embedded in a client’s business. Often you are recruited back into a professional services firm because of your now deep sector knowledge and the contacts you have built up while you were in industry. The reasons for choosing this route are very similar to the lateral route to partner. However, you may like to consider this route if:
- You are not entirely convinced that you want a long-term career within a professional service firm;
- You want to be able to build up an in-depth knowledge of a particular sector and increase your network within the industry accordingly;
- You want to extend your commercial acumen.
Going it alone
Instead of trying to make partner in an established partnership, you can start up your own practice. This is a very common route to partnership, and often people take this route after they have spent some time working outside in industry. If you want to be your own boss you have three different options:
- Buy into an established practice which is for sale;
- Buy a franchise;
- Start up your own practice from scratch.
Often senior members of the professions want to be in full control of their career. You may wish to consider this route if:
- You want the freedom and flexibility that being your own boss can bring
- You are very entrepreneurial in your outlook, attitude to risk, and reward
- You feel stifled within an established practice
- You want to run your own business
- You want to practise as a professional, but weave your work commitments around your family or interests or hobbies
- You have been made redundant and decide that this is an ideal opportunity to work for yourself.
Which route are you taking to partnership?