Anonymous User wrote:I apologize if this has already been asked, but can you talk about the equity vs. income partner distinction and how that both impacts your work and how that factors into the weeding out process? For example, if you make income partner at your firm, and continue to work hard, are you more than likely going to make equity partner? Is most of the weeding out done before people get to income partner status? I am going to a firm that only has single equity partner track, but I am thinking about going to a firm with the other structure, and I am curious about it. Thanks.
Edit: I saw you somewhat answered this question on the first page, but can you speak to the weeding out process a bit more and whether the 15% chance you have is comparable to other income partners in your firm?
Equity partners here are highly influential and respected here where income partners can essentially be either (a) respected and on the track or more likely (b) not either of (a). The weeding out is like half complete before getting to income partner. A lot of people stay at income partner for a while if they are great attorneys but not so good at business development. I will say that income partners are most likely the ones who will be pushed out but the firm makes it very clear to you early on and gives you at least a full year to figure it out (they also help you move on). You get a few years at income partner but it is mostly clear if you can make it or not relatively early because you probably wont just become a great business developer once you hit income partner. Also, politics plays a huge role and luck.
Working hard after making income partner will not make you more likely to make equity. Everyone works hard at income partner, probably harder than associates because you have more responsibilities and varying job requirements.
I think the 15% chance I give myself is based on the age of the equity partners ahead of me in my practice area and the fact that I am at least above average at playing politics and developing business/relationships. I think most people have like a 1% chance, we make a lot of income partners here, essentially if you stay here for 6-7 years you get income partner. Equity is very hard to get here (and anywhere in biglaw for that matter).
Personally, I like the dual track because other firms may not completely understand the distinction especially case by case, so you get the title and then its easier to go somewhere else. Plus there is usually no announcement or way to find out if a partner has equity or not. Also, in house and government really don't know the difference so they seem to pay you better or at least give you more respect/deference once you are looking to leave. But it is kind of a farce on the other hand. I think each firm is different with making partner despite having one or two tracks. Like Latham is dual track but my friends there say it is nearly impossible and if one partner decides you are not good enough he/she can block you out. DPW is single track and hardly makes any new partners anymore, for example.