Becoming a partner at an accounting firm isn't just a career milestone—it's a transformative leap that redefines your professional identity. While it represents the culmination of years of expertise and dedication, making partner is far from the finish line. It's the starting point of a new, challenging, and potentially more rewarding chapter in your career. To navigate this transition successfully and maximize your impact as a partner, consider these five essential steps.
One of the most significant shifts after making partner is the move from execution to strategy. As a senior leader, your role now extends beyond day-to-day client work to shaping the firm's overall direction. You're transitioning from doing to leading, which means overseeing profitability, ensuring client satisfaction, driving internal growth, and engaging in business development initiatives.
Adopting a strategic mindset is crucial. Think of yourself as a business owner, not just a senior accountant. Focus on building a long-term vision for the firm and your practice area, identifying opportunities for expanding service lines, and positioning the firm for sustainable growth.
Quick Tip: To help facilitate this mindset shift, consider scheduling regular "strategy sessions" with yourself to step back from day-to-day operations and focus on big-picture thinking. It’s not always easy to do, but will be well worth the time.
As a partner, your responsibilities now extend further into developing long-term relationships and creating value beyond accounting services. Take the time to understand your clients' businesses on a deeper level. Ask probing questions about their industry challenges and opportunities, and identify ways to offer solutions that extend beyond a simple tax return or audit. It’s up to YOU to position yourself as their strategic advisor, not just their accountant.
In addition to managing existing clients, you're now expected to drive new business. Your network is a key part of your ability to drive revenue, so focus on building a pipeline of potential clients. Engage in networking events and industry conferences, seek referral opportunities from satisfied clients and professional networks, and develop relationships with key decision-makers in your clients' industries.
Not sure where to begin? Our Basic Training Bootcamp masterclass is a great place to start with courses like “How to Work a Room” and “Building a Network.”
To ensure you're meeting client needs effectively, implement a structured client feedback program. Conduct quarterly reviews with key clients to discuss their evolving needs and how your firm can better support their goals.
Check out this blog to learn more about kicking off a client experience program.
Your position as a partner means you're now a key figure in shaping the firm's culture and success. Effective leadership is about more than managing tasks—it's about inspiring others, setting the tone for the organization, and building the next generation of leaders.
Lead by example by embodying the firm's values in your daily actions. Demonstrate a strong work ethic, commitment to excellence, and resilience in the face of challenges. As a mentor, identify and nurture emerging talent within the firm. Offer guidance on both technical skills and professional growth, and create structured mentorship programs to formalize the process. Share your experiences and lessons learned to help others avoid common pitfalls.
Quick Tip: To prioritize this aspect of your role, set aside dedicated time each week for mentorship activities. This could include one-on-one meetings, group sessions, or even a "partner shadow" program for high-potential employees. Be sure to use active listening when meeting with your team members.
Making partner doesn't mean the learning stops! Continuous professional development is critical to maintaining your competitive edge and positioning yourself—and the firm—for long-term success. Invest in advanced training in areas like business development, negotiations, and strategic thinking. Attend industry conferences and workshops, and engage with professional associations and thought leadership groups.
Stay updated on technology and industry trends by familiarizing yourself with automation, artificial intelligence (AI), and data analytics tools. Stay abreast of emerging areas like Environmental, Social, and Governance (ESG) reporting and cryptocurrency accounting. Also, be sure you understand the impact of remote work on auditing practices and client relationships.
Quick Tip: To ensure you're consistently investing in your development, allocate a specific portion of your budget and time each quarter for professional development activities. This investment in yourself will pay dividends for both you and the firm
Shameless Plug: If you are looking for a great starting place for kickstarting your partner journey, join us at Basic Training Bootcamp, happening every May and October. Here, you’ll unlock your potential with the most advanced professional development program for next gen partners.
As a partner, you're not just running your practice—you're shaping the entire firm's future. Your involvement in firm governance is critical to ensuring long-term success. Engage in discussions around expanding service lines and improving operational efficiency. Participate in high-level decision-making processes that drive the firm forward, and contribute to budget planning and resource allocation discussions.
Start building strong connections within the firm by working closely with other partners and senior leaders to align on priorities. Foster collaboration across departments and service lines, and ensure the firm's goals are understood and pursued at all levels.
The amount of impact you have may vary based on your firm’s size, but the need for strong firm leaders has never been great in the accounting industry. So be sure to do your fair share in helping guide the firm to a prosperous future.
Quick Tip: Consider creating cross-functional teams or task forces to tackle specific firm initiatives. This approach can break down silos and foster innovation while strengthening your internal network.
As you embark on your journey as a new partner, it's crucial to create a structured plan for your first three months. A 30-60-90 day plan will help you prioritize your efforts and set clear goals for your transition period. It will also help hold you accountable to your own vision and growth goals. Here's a brief outline of what this plan might look like:
First 30 Days: Orientation and Assessment
60 Days: Strategy Development and Relationship Building
90 Days: Implementation and Evaluation
By creating and following a 30-60-90 day plan, you'll ensure a focused and productive start to your role as a partner, setting the stage for long-term success.
Making partner is not just a personal achievement—it's an opportunity to become a catalyst for growth, both for your firm and your clients. By strategically focusing on these five areas and creating a structured plan for your first 90 days, you position yourself to thrive in this new chapter of your career.
Remember, your success as a partner directly impacts the firm's trajectory. Embrace this responsibility with enthusiasm, adaptability, and a commitment to excellence. As you navigate the challenges and opportunities ahead, you'll not only elevate your own practice but also play a pivotal role in shaping the future of your firm and the accounting profession as a whole.
“Know that as a new partner, all eyes are on you, and your colleagues want you to succeed. Your success means better results for your team, your clients, and your peers. Approach partnership with both humility and confidence, redefining what success means to you and how it aligns with the firm's imperatives.”
– Trisha Daho, Culture and DEI Consultant at Winding River Consulting
By focusing on these essential steps, you'll be well-equipped to make the most of your new role and drive meaningful growth and success for yourself, your clients, and your firm.
If you're interested in taking your leadership skills to the next level as a partner, check out our masterclass: Basic Training Bootcamp, starting every May and October!