My firm has a 9 year partnership track. Sure, they might have made up their mind prior to the 9 year mark as to whether or not you are going to become a partner, but some people are borderline, while others will simply end up on the non-equity track.vanwinkle wrote:No firm will keep an associate for 7.5 years without planning to make them a partner. If you're not going to make partner they'll start pushing you out the door by year 5. By 7.5 the only question is whether you're going to be equity or non-equity; if you're still there they intend to make you partner, if not immediately, then soon.Veyron wrote: Curious. What do these forms say? "At the end of 7 1/2 years we decide whether to keep you as an associate, make you a non-equity partner or make you an equity partner?"
Equity Partnership and Retirement Forum
Forum rules
Anonymous Posting
Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.
Failure to follow these rules will get you outed, warned, or banned.
Anonymous Posting
Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.
Failure to follow these rules will get you outed, warned, or banned.
-
- Posts: 428123
- Joined: Tue Aug 11, 2009 9:32 am
Re: Equity Partnership and Retirement
-
- Posts: 4249
- Joined: Tue Dec 02, 2008 3:23 am
Re: Equity Partnership and Retirement
If you're talking about biglaw-type jobs, this is just wrong and silly.Veyron wrote: Ummm, I don't know very much about the NYC partnership track at all. It may be the biggest market, but there far more legal jobs outside of NYC than in it. Its really stupid to assume that NYC sets the standard when it is such a small part of overall hiring.
If you use either the NALP members or the AmLaw 100 firms, the number of jobs in NYC=the number of jobs in Texas, Washington DC, Chicago, and LA combined= the number of jobs in the rest of the country combined (roughly speaking). There are about three times as many jobs in NYC as in DC or Chicago, five times as many as LA, and ten times as many as Philadelphia, Miami, or Atlanta.
Of course the city that contains roughly a third of all the jobs sets the standard.
-
- Posts: 4249
- Joined: Tue Dec 02, 2008 3:23 am
Re: Equity Partnership and Retirement
I would add to this that some firms also use "special counsel" as a way to keep permanent associates, so you might have four career paths: 1) pushed out 2) special counsel 3) non-equity partner 4) equity.Anonymous User wrote:My firm has a 9 year partnership track. Sure, they might have made up their mind prior to the 9 year mark as to whether or not you are going to become a partner, but some people are borderline, while others will simply end up on the non-equity track.vanwinkle wrote:No firm will keep an associate for 7.5 years without planning to make them a partner. If you're not going to make partner they'll start pushing you out the door by year 5. By 7.5 the only question is whether you're going to be equity or non-equity; if you're still there they intend to make you partner, if not immediately, then soon.Veyron wrote: Curious. What do these forms say? "At the end of 7 1/2 years we decide whether to keep you as an associate, make you a non-equity partner or make you an equity partner?"
- Veyron
- Posts: 3595
- Joined: Fri Jan 08, 2010 3:50 am
Re: Equity Partnership and Retirement
Did anything in my post or the original post lead you to believe that anyone was talking exclusively about biglaw? Biglaw is a small fraction of the legal profession.Renzo wrote:If you're talking about biglaw-type jobs, this is just wrong and silly.Veyron wrote: Ummm, I don't know very much about the NYC partnership track at all. It may be the biggest market, but there far more legal jobs outside of NYC than in it. Its really stupid to assume that NYC sets the standard when it is such a small part of overall hiring.
If you use either the NALP members or the AmLaw 100 firms, the number of jobs in NYC=the number of jobs in Texas, Washington DC, Chicago, and LA combined= the number of jobs in the rest of the country combined (roughly speaking). There are about three times as many jobs in NYC as in DC or Chicago, five times as many as LA, and ten times as many as Philadelphia, Miami, or Atlanta.
Of course the city that contains roughly a third of all the jobs sets the standard.
-
- Posts: 428123
- Joined: Tue Aug 11, 2009 9:32 am
Re: Equity Partnership and Retirement
Op here:
No, I was not looking for nyc market. I do agree that info might be useful for other tls members though.
I was wondering exactly how hard it is to make partner though because some of the firms that I am looking at joining have the partner/assc numbers posted on nalp. Some firms have partners makeups as 30-40% of the total number of lawyers at a given office. Does this mean they promote more people to partners?
No, I was not looking for nyc market. I do agree that info might be useful for other tls members though.
I was wondering exactly how hard it is to make partner though because some of the firms that I am looking at joining have the partner/assc numbers posted on nalp. Some firms have partners makeups as 30-40% of the total number of lawyers at a given office. Does this mean they promote more people to partners?
Want to continue reading?
Register now to search topics and post comments!
Absolutely FREE!
Already a member? Login
- Veyron
- Posts: 3595
- Joined: Fri Jan 08, 2010 3:50 am
Re: Equity Partnership and Retirement
Not necessarily. Lots of firms take lateral partners or switched to a more highly leveraged model over time. However, a low partner/associate ration might be one indicator that you are more likely to make partner.Anonymous User wrote:Op here:
No, I was not looking for nyc market. I do agree that info might be useful for other tls members though.
I was wondering exactly how hard it is to make partner though because some of the firms that I am looking at joining have the partner/assc numbers posted on nalp. Some firms have partners makeups as 30-40% of the total number of lawyers at a given office. Does this mean they promote more people to partners?
-
- Posts: 425
- Joined: Sat Sep 12, 2009 10:45 am
Re: Equity Partnership and Retirement
http://abovethelaw.com/2010/08/retired- ... -benefits/
at wachtell pension hits upwards of 1 million.
at wachtell pension hits upwards of 1 million.
-
- Posts: 187
- Joined: Thu Oct 28, 2010 12:53 am
Re: Equity Partnership and Retirement
Rofl. Just read that article. She had a lockstep pre-nup agreement. Obvioisly she wasn't a good "partner!"ruski wrote:http://abovethelaw.com/2010/08/retired- ... -benefits/
at wachtell pension hits upwards of 1 million.
-
- Posts: 29
- Joined: Wed Nov 02, 2011 5:28 pm
Re: Equity Partnership and Retirement
Thank you for your insight Veyron. It is helpful for those of us that have 0 interest in being miserable in NYC.
-
- Posts: 4249
- Joined: Tue Dec 02, 2008 3:23 am
Re: Equity Partnership and Retirement
Then there really are no generalizable rules, and this conversation is stupid.Veyron wrote:Did anything in my post or the original post lead you to believe that anyone was talking exclusively about biglaw? Biglaw is a small fraction of the legal profession.Renzo wrote:If you're talking about biglaw-type jobs, this is just wrong and silly.Veyron wrote: Ummm, I don't know very much about the NYC partnership track at all. It may be the biggest market, but there far more legal jobs outside of NYC than in it. Its really stupid to assume that NYC sets the standard when it is such a small part of overall hiring.
If you use either the NALP members or the AmLaw 100 firms, the number of jobs in NYC=the number of jobs in Texas, Washington DC, Chicago, and LA combined= the number of jobs in the rest of the country combined (roughly speaking). There are about three times as many jobs in NYC as in DC or Chicago, five times as many as LA, and ten times as many as Philadelphia, Miami, or Atlanta.
Of course the city that contains roughly a third of all the jobs sets the standard.
Register now!
Resources to assist law school applicants, students & graduates.
It's still FREE!
Already a member? Login