Clients introduced by accounting firm staff

Ted001

Hi all,

I work in an accountancy practice and I am looking to progress my career. It has been said by those in a more senior position that I need to build my own portfolio of clients in order to progress in the practice. It has been said that I could possibly take these prospective clients with me should I leave, however this will depend upon the terms I leave on and no comfort will be offered in writing in this respect at this point of time. This would imply to me that even if my own clients wanted to go with me of their own accord, I could have a legal problem with my current employer for allowing them to do so.

As a result, I am considering my options and as such I am seeking opinions from others in practice. What has been the experience of other boards users as regards this?

billcullen1

Ted001 wrote: »

Hi all,

I work in an accountancy practice and I am looking to progress my career. It has been said by those in a more senior position that I need to build my own portfolio of clients in order to progress in the practice. It has been said that I could possibly take these prospective clients with me should I leave, however this will depend upon the terms I leave on and no comfort will be offered in writing in this respect at this point of time. This would imply to me that even if my own clients wanted to go with me of their own accord, I could have a legal problem with my current employer for allowing them to do so.

As a result, I am considering my options and as such I am seeking opinions from others in practice. What has been the experience of other boards users as regards this?

If your considering bringing clients to the firm make sure you are the point of contact directly with the client.fees would be discussed with the partner, make sure the client is aware that the fees are not made by you. Furthermore if the client you bring in, make sure they know you well, that they would move with you. You would need something in writing as evidence bc from de firm.however if you don't have a PC there may be other issues down the road.have you tried industry yet ?

Ted001

billcullen1 wrote: »

If your considering bringing clients to the firm make sure you are the point of contact directly with the client.fees would be discussed with the partner, make sure the client is aware that the fees are not made by you. Furthermore if the client you bring in, make sure they know you well, that they would move with you. You would need something in writing as evidence bc from de firm.however if you don't have a PC there may be other issues down the road.have you tried industry yet ?

Thanks for this. I will make sure I'm the point of contact, however I don't think this is sufficient to bring them with me if my contract forbids it and if they follow it would probably still cause an issue.

What do you mean if I don't have a PC?

I have not yet been in industry although I am tempted lately due to the poor salaries in practice and the lack of staff motivation. It often feels like I'm the only one who cares!

adrianw

Ted001 wrote: »

Thanks for this. I will make sure I'm the point of contact, however I don't think this is sufficient to bring them with me if my contract forbids it and if they follow it would probably still cause an issue.

What do you mean if I don't have a PC?

I have not yet been in industry although I am tempted lately due to the poor salaries in practice and the lack of staff motivation. It often feels like I'm the only one who cares!

PC = Practicing Cert

Glenster

Ted001 wrote: »

Hi all,

I work in an accountancy practice and I am looking to progress my career. It has been said by those in a more senior position that I need to build my own portfolio of clients in order to progress in the practice. It has been said that I could possibly take these prospective clients with me should I leave, however this will depend upon the terms I leave on and no comfort will be offered in writing in this respect at this point of time. This would imply to me that even if my own clients wanted to go with me of their own accord, I could have a legal problem with my current employer for allowing them to do so.

As a result, I am considering my options and as such I am seeking opinions from others in practice. What has been the experience of other boards users as regards this?

If you are senior manager or below, you are overthinking it. They really only factor in ability to bring in clients when moving to director or above roles.

Also "bringing clients with you" when moving firms is a bit of a poisoned chalice, as it means no-one is making you the PPOC on any decent clients for at least a few years.

CIARAN_BOYLE

Glenster wrote: »

If you are senior manager or below, you are overthinking it. They really only factor in ability to bring in clients when moving to director or above roles.

Also "bringing clients with you" when moving firms is a bit of a poisoned chalice, as it means no-one is making you the PPOC on any decent clients for at least a few years.

Depends on the type of firm. Also the op doesn't mention what grade he or she is.

A Manager in a small firm is next to Partner in grade.

A manager in a small firm may be offered a partnership in 10 years contingent on their ability to raise finance (or bring in annual fees of an equivalent value).

op you need to be contractually sure of your position. Whether bringing in clients will add value to your position in the firm and whether you will be able to retain clients on departure (be it to set up on your own or to to transfer firms).

Ted001

Glenster wrote: »

If you are senior manager or below, you are overthinking it. They really only factor in ability to bring in clients when moving to director or above roles.

Also "bringing clients with you" when moving firms is a bit of a poisoned chalice, as it means no-one is making you the PPOC on any decent clients for at least a few years.

It has already been said in no uncertain terms that bringing in clients will assist my progress to director and ultimately partner. Whether this will ever materialise is another matter.

As regards your last point, I'm only looking to take clients that are rightfully mine to take (should the need arise) and even the prospect of this is fraught as they won't put this in writing. Effectively this means I could probably be looking at legal action if I try to take my own clients or if they go with me - I am just looking to see if this is relatively common or not.

Ted001

CIARAN_BOYLE wrote: »

Depends on the type of firm. Also the op doesn't mention what grade he or she is.

A Manager in a small firm is next to Partner in grade.

A manager in a small firm may be offered a partnership in 10 years contingent on their ability to raise finance (or bring in annual fees of an equivalent value).

op you need to be contractually sure of your position. Whether bringing in clients will add value to your position in the firm and whether you will be able to retain clients on departure (be it to set up on your own or to to transfer firms).

Hi Ciaran,

I am a manager in a medium size practice. The next most senior individuals are partners.

The last part is my concern - I'm being encouraged to bring clients to aid my progression but no comfort will be offered as regards whether I could take these clients with me upon leaving. It seems like a rubbish position to put in the work for something that may never materialise and then have to leave the clients behind upon leaving!