Firms With a Young Partnership

(On Campus Interviews, Summer Associate positions, Firm Reviews, Tips, ...)
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.
User avatar
drmguy
Posts: 1016
Joined: Tue Dec 22, 2009 5:43 am

Firms With a Young Partnership

Postby drmguy » Wed Sep 12, 2012 1:16 pm

What exactly does having a young partnership entail? Does this mean the firm has a Logan's Run type system to get rid of the olds? Does it mean anything at all?

anon168
Posts: 920
Joined: Mon Jul 02, 2012 10:36 pm

Re: Firms With a Young Partnership

Postby anon168 » Wed Sep 12, 2012 2:58 pm

drmguy wrote:What exactly does having a young partnership entail? Does this mean the firm has a Logan's Run type system to get rid of the olds? Does it mean anything at all?


It means that the firm has a bunch of partners who still care about generating business. When your firm has a bunch of partners who are very old, and semi-retired, they're not pulling their weight.

As to how firms achieve a young partnership, some do it through incentives via their pension plan. Essentially, your pension will be defined based on your 10 highest grossing years (or sometimes it's shorter or longer number of years). This creates an incentive for older partners to not just sit around, work half the time, and pull in a full salary because they are in positions of power (e.g. management committee, etc.).

Others are much more cutthroat (esp. if they do not have a defined pension plan). They essentially ask you to start pulling your weight, or leave.

Sold old partners are still very viable, and generate tons of business. W&C and Cravath come to mind. A firm with a young partnership would be Quinn, BSF, etc.




Return to “Legal Employment”

Who is online

The online users are hidden on this forum.