First Tip of the Week: Minimums to Becoming a Partner in a Professional Services Firm

No guarantees, but to become an equity partner in a professional services firm, in my opinion, one needs to shoot for and accomplish ALL three of the following:
1. Strong Network: Have a strong network of contacts and relationships with literally Hundreds of people, out of which you have 10 – 20 champions:
a. with whom you have deep integrity;
b. who have integrity and some influence within their firms or industries; and
c. most important, who care about your success, at least as much as you have proven to them that you care deeply about their success (the “Golden Rule” adjusted slightly).
2. Expertise: You are a true expert in your field.
a. Learn, read, and listen to the best religiously; and
b. Write and speak as often as you can to anyone who will listen; and
c. perform flawlessly with phenomenal customer service.
3. Bring in Business: Show that you can bring in at least $1,000,000 per year in business, whether you do all the work or not.
a. Your relationships are as they seem above because you generate business from them.
b. Your expertise is developed to the extent that clients seek you out and you are hired for bigger cases that pay more.
c. You can lead an engagement successfully.
d. You have a dedicated team who will perform for you.

As Sam Walton said, every “overnight success” is “twenty years in the making.”
Start now in earnest.

Network, network, network with anyone and everyone – focusing as you grow.
Go out of your way to help other people.
It ALL starts with number 1 above.
You cannot get to 3 without both 1 and 2 handled.
If you do not get to 3, you will not become a partner.