If you’ve worked hard, been successful, and gained the trust of your superiors, you may at some point in your career receive an invitation to become a principal in your firm. While it may seem like evidence of your overall success, there are upsides and downsides to an ownership role and you should thoroughly understand the path on which you are embarking before you start down it.

Becoming a principal entails taking on new responsibilities, putting yourself at risk, changing your working relationships, and generally making your life much more complicated. It will also open new doors for you, help you to develop leadership skills and influence—including on the future of the firm—and offer you a share in the associated profits and losses. It’s a big opportunity that deserves a lot of reflection—and this article will help identify the issues that require your thoughtful consideration in order to make the right decision for you. Read the article.