Is the already tough job of Goldman Sachs partner getting even tougher?

It seems that way. The compensation pool is lower than it has been in several years and the shares are mired below book value. Lots of partners are no doubt stuck with underwater options, and they've also seen their personal stock holdings shrink significantly. In this environment, it's hard to have fun on the job.

To be sure, the shelf life of a Goldman Sachs partner isn't tremendously long, even in good times. As of now, the pace of departures seems to have accelerated just a bit. Bloomberg BusinessWeek estimates that 38 partners left in 2011. There are now roughly 440-450 partners. There's no good way to compare the 2011 departures with partner departures in previous years. In any case, another round of partners will be promoted next year as such promotions are made every two years.

It's hard to know if the executive team is aiming to create more space at the top now, clearing room for next year. It may simply be that 2011 was a good time for a partner to quit and move on to the next stage of life. Most partners have ambitions beyond the firm, either in business, in public service or in the philanthropic arena. Given all the headaches, maybe now is a good time to make the transition.

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