Jobless partners may once have been a rarity but, just as the days of a job for life have long gone for employees, being a partner is now no bar to being sacked. The scale of the reduction in partner numbers proposed by the larger firms is staggering, particularly since the economy is barely six months into a recession expected to last 18 months or more. So, what should such people do, other than get their finances in order?
Highlight the options to the firm’s management. If the firm is flexible, and has an eye on the eventual recovery, fellow partners may be receptive to ideas that are ‘outside the box’ – as long as they cut the firm’s immediate costs. Options can range from secondments (even at partner level), sabbaticals, part-time working, or anything whereby the firm pays less, but the ‘at risk’ partner gets to hang on to his title and perhaps even an income.
