EY staff will be told there will be a faster path to partnership if the firm floats its advisory arm, according to a partner briefing at the big four consulting firm held on Thursday night.
Those attending the briefing were also told that EY’s leaders were continuing to push ahead with examining the proposal to float the consulting business, with the timing of the move firming on the end of 2023. However, internal critics of the split proposal believe that the title of “partner” would lose much of its current meaning in a listed firm. Currently, EY “partners” are equity owners in a partnership that share in the firm’s profits, who can reduce their income tax by using vehicles such as trusts.
EY’s leaders were continuing to push ahead with examining the proposal to float the consulting business.In a public firm, “partners” would be employees who earn a salary with a portion of their income being paid in the form of shares in the floated entity, according to one version of the proposal being examined.to advise on the plan to split the firm and list its consulting business.
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