In 2008 the economic downfall affected the majority of the UK’s business. This in return resulted in many Accountancy practices consolidating and putting any recruitment plans on hold.
The recession certainly had a major effect on new accountants joining the profession, but it also affected existing staff members who were potentially on a ‘fast track’ to promotion or at the point where they could have entered into a Partner/Partner Designate role.
Over the past 2 years, the economy has certainly recovered and as a result a significant amount of accountancy firms have been actively recruiting at all levels. This in turn has seen the market swing in favour of those seeking new opportunities, with a vast array of opportunities available both within the profession but also industry/commerce.
For those qualified accountants who are keen to develop their career towards Partnership there are now opportunities available to join firms as part of their succession plan, securing a financially and career rewarding opportunity.
Key for appointments at this level is timing, for both parties. An appointment made at either Partner Designate or Partner level is something that cannot be rushed into. Both the recruiting accountancy practice and the candidate will see such appointment as a long term/life changing decision. It is therefore important to remember the timescales you may have to work to, especially if you are working towards a partner retirement or a fixed date of exit.
In our experience, most firms who are looking to ultimately recruit a partner within the firm would do so by making a strategic appointment a number of years before. Recruiting an individual at Senior Manager, Director or Partner Designate level and slowly introduce them to clients, allowing them to build relationships, gain respect from staff and clients alike and to also allow time to work alongside the exiting partner to gain the respect and understanding of the clients which they will be ultimately taking responsibility for.
There are a number of options in which firms offer potential Partners ways of buying into a firm and the expectations of the exiting partnership team will vary from firm to firm. It is likely individuals will need the time to buy in or raise funds, so with all this in mind you would firms would need to start planning for this of recruitment between 2-5 years, dependent upon the level of which the individual is recruited.
Barber McLelland have experiencing of recruiting within the accountancy profession since 2001 and have been instrumental in assisting businesses recruiting for senior hires to allow firms to achieve business growth or succession planning.
If you do wish to know more about our services or specialist recruitment knowledge, please contact Justin Barber at Barber McLelland on 0114 279 2843, Mobile 07949 972 677 or email justin@bmrectuitment.co.uk