Competitors of Accenture, the management consultancy firm formerly known as Andersen Consulting, are noticing a steady increase in the number of Accenture partners applying for jobs.
Accenture is expected to file its prospectus for a float early this summer. In a listing with the Securities and Exchange Commission, the firm noted several restrictions that will be placed upon partners, including:
- Partners will be able to sell no more than 10% of their shareholdings after one year.
- Partners will be able to sell no more than 25% of holdings after two years, and no more than 35% after three years.
- Partners will not be allowed to sell their entire holdings until eight years have passed.
- Partners will have to keep at least 25% of their holdings even after eight years have passed as long as they are still employed with the firm.
Accenture has indicated that the restrictions have been established as a means of keeping talent. Others describe the move as "unprecedented."
Word on the street is that many partners are considering a move because they think they can make more money elsewhere. Accenture has indicated that those partners who stay will face a pay cut of 30 to 50 percent in conjunction with the float.