Top New York Metro CPA Firm Partner Trends (Video)
August 2016 -
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.
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