When Penny was named managing partner she spent like a drunken sailor on leave. Now she admits her mistake and says she is holding herself accountable. How is holding yourself accountable by laying people off and demoting people while she stays and receives compensation increases to bring total compensation to over $29 million per year? If she were to hold herself accountable she would step down and let a new managing partner fix the problems she has created. Penny is making innocent people who are really good at their jobs take the fall for her failures. If anyone close to the work had failed as miserably as Penny at her job they would have been fired on the spot. Penny has been an absolute disaster for this firm.
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@ag incorrect. She said she felt underqualified when considering stepping in as head of Branch Development. Keep your facts straight.
@ vw Me either.
I have not done any real work since I was demoted and changed teams. Not necessarily because I do not want to, but because it is so chaotic at Home Office no one knows what roles their teams are serving let alone what they individually are supposed to be doing. This is a mess.
@gj I personally do have a lot of time on my hands. I have seen how Penny and the rest of the ELT have abandoned the firm. I have quietly quit. I was a great associate for years. Now I am just a number. I am now cashing some really easy checks. If the place crumbles to ground I will go elsewhere. Until then just keep depositing my check every two weeks and give me my monthly partnership distribution. Thank you to Penny for showing me the way. You do not have to care about the company or others. My new attitude is sort of liberating.
You have too much time on your hands. Leave if you’re not happy. Vote with your feet.
@OP So what are we hearing from the former Managing Partners and all the other retired GPs? Not a damn thing. The house they helped build is in flames and one would think a few of them might at least suggest someone grab a garden hose. However, every MP has the power to take away or, shall I say, “reimagine” any partner’s capital, current or retired. This fact is obviously front and center in their minds so the game of self preservation is to just keep your head down, keep your mouth shut and keep cashing those checks.
Someone needs to find something on PP and/or DC and nail them to the cross for it. We're in a highly regulated industry. There has to be something. Find it. Find it and call the whistleblower lines. This is the way.
I still miss my morning hot chocolate. But, it was a small sacrifice to keep everyone on our team who have built this company with the company. Jim is a great born leader! Wish he were back leading the firm.
2008 - Great Recession
Jim Weddle calls an emergency weekend retreat and slashes over $100 million in unnecessary spending. When other companies were laying people off Jim and EJ did everything they could to take care of the people who took care of the company. We are all stewards of this company that Mr. Jones started and Ted led into greatness. Now we have a managing partner who is destroying the very foundation that every other principle of this firm was built on. Relationships, especially in the service industry, mean everything. Penny, I served with Jim Weddle. I know Jim Weddle. Jim Weddle is a friend of mine. Penny, you're no Jim Weddle.
@ec I disagree slightly. Penny is more than welcome to leave voluntarily without being paid. She has already cashed enough huge checks for running the company into the ground.
Do not leave voluntarily. Make them pay you to leave.
@ag , don't forget Chuwbacca is running the place.
Next time Shenanigans happen, I'm out.
I can't believe anything I hear anymore from anyone..
I got into the wrong line of work. I actually produce a product for the firm. I should have gotten into the consulting world. Apparently, EJ values others' advice instead of finishing tasks and making clients happy.
Penny said when she was named managing partner she felt underqualified. She said her husband encouraged her to pursue it. I think the majority of home office associates wish he had not. I believe Penny was correct in that she is underqualified. There have been multiple blunders which has led to anxiety and gnashing of teeth for everyone including herself. I just cannot understand it. There was around a 100 year blueprint of how to have success at this firm. She has decided she knew better. As a result she has had to hire pricey consulting firms McKinsey and Boston to help her bail the firm and herself out. It is a shame one person can cause so much damage to a company that it took thousands of really good and talented people build over a century.