The partnership model is synonymous with the accountancy profession. So, when mid-tier firm Grant Thornton announced it was moving towards a 'shared enterprise model', it caught the profession by surprise. The firm was clear that it was not rejecting the partnership model immediately: it was ushering in a new culture that would see junior members of staff having greater say over the direction of the firm, sharing responsibility in the success and sharing the rewards. This shift could involve a change to the structure of the firm, and perhaps even the end of the partnership model - if that is the outcome of a vote on the process. It says that this change has come about due to new leadership under Sacha Romanovitch, the recently appointed CEO and a reflection of the success of other companies that have adopted shared ownership models. Others see this is as a consequence of changing working practices which mean that firms -especially mid-tier and smaller ones - might not be best served by the partnership model.
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