Any word on which GPs were Reimagined? Curious if there is any pattern, such as newer vs. tenured, St. Louis vs. remote.
6 replies (most recent on top)
I remember when Penny became MP. Doug Hill said something along the lines of you don’t have to have met Ted Jones, but you have to know what he stood for. She lost sight of what he stood for. ELT lost sight of the values that didn’t just make Jones a good business, but a great place to work. Senior GPs hired externally focused on building empires while the leadership was asleep. Overhiring during the pandemic and falling for popular business trends are the exact thing that Jones used to manage against. We’re seeing the fallout of these trend chasing choices now.
The only question is, is this a known and intended outcome of the plan, or is this mismanagement by ELT?
I believe it’s mismanagement.
At the end of the day it doesn't really matter if the 50 GPs are either voluntarily retiring or being asked to leave (dead weight or decent culture ones), we all know during the next round of new GP announcements... they will bring in more and more entitled, arrogant, NYC parasites with their own self-interest and forced, unoriginal ideas. We only have a handful of them at the firm now and look what has happened...
Will we we go public? It's hard to know for sure... but would it surprise many of us? This firm's leadership already goes back on what it promises many times. Also, give one good reason why these self-serving, shallow robber barons would be happy slowly taking their X million $ in distributions each year when they could just go public, cash out 5-10x that in one go, and run? They'll want to do that before FA attrition accelerates, too.
For those that survive 2025, please start thinking about where you might be or want to be in the next 3-5 years... and come up with contingency plans.
Some do need to be retired but we have many that are not contributing that need to e let go. To many deadweights that require removal.
Please be Jennifer Kingston. Please be Jennifer Kingston. Fingers crossed.
That tracks. Between that and the Rule of 70, it seems like they are trying to clear house of the old guard who has topped out with PTO, comp, etc. I was surprised they hired so many GPs outside of STL/Tempe recently, so thought some of those might be targeted too. Except the ones in the NYC office of course 🙄.
I have seen 4 GPs getting the “retirement” label as of now and are all seasoned vets of 30 plus years