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Seasoned and experience partners

Nicky Owen, Partner, Professional Practices
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Three key points to be aware of

If you have been a partner for a few years now, it is time to think about where you want to be in the future. It will be different for each partner depending on your position in the firm and how you want to progress as well as what is happening in your personal life.

There are three key elements to consider. Every partner will have a different combination of each element, some of which will be more relevant at different times.

Future proofing

It is important to ensure that you are prepared for any challenges that may lay ahead. What is happening in your home life that might have an impact in the future? Take a step back and think about the possible journey ahead, how prepared are you for those future challenges?

  • Bringing up children:
    • employing a nanny/additional home help
    • school fees
    • university fees and living accommodation
    • providing a deposit for a home.
  • Ageing parents:
    • providing care in the home
    • care home costs
    • equity tied up in their home.

In order to plan ahead and reduce the impact some of these changes may have, there are some key questions you should be asking yourself.

  • What are the costs likely to be?
  • What are the tax implications?
  • How are you going to finance them?
  • Do you have a plan?
  • When did you last review or update your plan?
  • Do I need to discuss the strategy with a financial adviser?

Stepping up within the partnership

As you have been a partner for a few years now, you will have a clearer idea of partner hierarchy and the constant challenges and responsibilities facing partners such as generating new work, looking after clients, engaging, developing and working with your team and achieving your own goals within the firm. It is now an important time to assess your place in the firm and your direction of travel by asking some of these questions.

  • Where do you want to go within the partner group?
  • Where are you in the partner hierarchy within the firm?
  • What is your ambition within the firm?
    • Do you want to be Managing Partner?
    • Do you want to be head of your department?
    • Do you want to be the highest billing partner?
  • What are your strengths?
  • Are you a Finder, Minder or Grinder?
  • Who could you team up with to compliment your skillset and work together?

Once you have worked out what your ambition is, you will then need to think about what you need to do to achieve that in your desired timeframe including, who you need to involve to assist you and other stakeholders that you need on your side in order to progress.

Life events

The last few years have been particularly challenging on us all and we have adapted our working and personal lives to external factors that have been thrust upon us at a moment’s notice. Our lives have evolved and continue to adapt and change as we work in a hybrid way, splitting our working time between an office and home. Working in an agile way has provided benefits in balancing our lives to cater for those times when it is beneficial to work in a particular location or at a certain time.

There are a number of life events that could have a major impact and often there is some tax planning that can be done to limit the effect and enable our lives (or those of our close family) to adapt and evolve.

When a life event occurs, you need to think about what tax planning can be put in place to limit the impact. The sort of events that may occur include:

  • moving house
  • moving abroad
  • acquiring a second home
  • receiving an inheritance
  • divorce
  • illness affecting you or a member of your family
  • death or a family bereavement.

For me, it is all about thinking ahead, the next chapter in my life. I feel energised when I venture outside of my comfort zone and feel I am achieving my goals.

The next step for you is to ask yourself what your goals are for the next few years. Then ask yourself what you need to do to achieve them. As a partner goal setting is key to your leadership role.

Remember life is a balancing act, live life and enjoy it.

For more information on the issues discussed in this article or to discuss your individual circumstances, get in touch with Nicky Owen or your usual Crowe contact.

If you have been a partner in a Professional Practices for a few years now, there are three key things you need to think about to help you prepare for the challenges ahead in your personal and professional life.