Making Partner

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JohannDeMann
Posts: 13831
Joined: Wed Mar 12, 2014 4:25 pm

Re: Making Partner

Postby JohannDeMann » Fri Apr 10, 2015 12:08 pm

Thanks KidStuddi for just guessing logically about how things work. Nobody in this thread is capable of guessing how we think compensation works based on what is logical. ZYou're a true value add around these parts.

nonsharepartner
Posts: 16
Joined: Mon Jan 26, 2015 4:07 pm

Re: Making Partner

Postby nonsharepartner » Fri Apr 10, 2015 3:29 pm

I did the "income partner" taking Qs thread and obviously everyone know where I work and what group I am in so I cannot get too specific here but what has been echoed before is true, the pay varies drastically throughout the firm at the partnership level, equity or non-equity.

JohannDeMann wrote:
Desert Fox wrote:One million is way too high for nonequity. The average equity partner at a v50 won't even get that.


Yep. The non-equity partner that came on this board from a V10 implied his salary was below $500k but he made a significant bonus. It was obvious he made less than $1 million a year as a non-equity partner and probably more in the ball park of $650k.


This is pretty close and there non-equity partners who make close to $1mm here and some that make less than they made as associates (mostly because they are on their way out for one reason or another).

Anonymous User wrote:FYI - the range of salary for non-equity partner is dramatic. A Kirkland seventh year "partner" (LOL) likely is making under $400k. A senior non-equity service partner in a profitable group at a typical NY firm might be making $1M. I am 100% certain of that top number, since that's what my brother makes at a non-equity partner at a big NY firm.


I never understood why people have an issue with Kirkland making partners early. It's a marketing tool and a way to take senior associates behind the scenes so to speak to see if they want/would be able to be an equity partner. Senior non-equity partners here make $1mm but the first year non-equity probably gets around $500k depending on hours and business generation.

JohannDeMann wrote:
zacharus85 wrote:
DELG wrote:LOL @ 10%

DELG you are a treasure. Make more threads so I can argue at you.


A non-equity partner came in here and said his chance of making partner was above average and he'd put it at 15%. 10% is way high. 8 years in your chance is 15% if you're good - Jesus.


Definitely not 10% from the jump as a first year. Even after you make it to senior associate/non-equity, I would say you don't have a 10% (on average) chance to make equity.

kaiser
Posts: 2940
Joined: Mon May 09, 2011 11:34 pm

Re: Making Partner

Postby kaiser » Fri Apr 10, 2015 3:32 pm

Haven't read the thread, but just needed to drop in to say that the 10% assumption is WAY too generous. If you are going to a biglaw firm, your chances are nowhere close to that high. If you are only looking at mid/senior level associates, then 10% chance may be more realistic. But for incoming junior associates? You seriously think 1 in 10 has a chance of making partner? Dream on.

kaiser
Posts: 2940
Joined: Mon May 09, 2011 11:34 pm

Re: Making Partner

Postby kaiser » Fri Apr 10, 2015 3:35 pm

Think about it this way. You know how we get all over students going to a law school with the intention of transferring? We tell them that they should assume they will graduate from their school, and not be able to transfer, since that is almost certainly what will happen. This is no different, except that the chances of making partner out of your 1st year biglaw class are even lower than chances of transferring out of your 1L school (in fact, its much lower). So, while its well and good to shoot high, you damn well better be willing to accept that it almost certainly isn't happening, or else you are setting yourself up for disappointment.

Lawyerrr
Posts: 48
Joined: Mon Feb 23, 2015 3:58 pm

Re: Making Partner

Postby Lawyerrr » Fri Apr 10, 2015 4:02 pm

nonsharepartner wrote:I did the "income partner" taking Qs thread and obviously everyone know where I work and what group I am in so I cannot get too specific here but what has been echoed before is true, the pay varies drastically throughout the firm at the partnership level, equity or non-equity.

JohannDeMann wrote:
Desert Fox wrote:One million is way too high for nonequity. The average equity partner at a v50 won't even get that.


Yep. The non-equity partner that came on this board from a V10 implied his salary was below $500k but he made a significant bonus. It was obvious he made less than $1 million a year as a non-equity partner and probably more in the ball park of $650k.


This is pretty close and there non-equity partners who make close to $1mm here and some that make less than they made as associates (mostly because they are on their way out for one reason or another).

Anonymous User wrote:FYI - the range of salary for non-equity partner is dramatic. A Kirkland seventh year "partner" (LOL) likely is making under $400k. A senior non-equity service partner in a profitable group at a typical NY firm might be making $1M. I am 100% certain of that top number, since that's what my brother makes at a non-equity partner at a big NY firm.


I never understood why people have an issue with Kirkland making partners early. It's a marketing tool and a way to take senior associates behind the scenes so to speak to see if they want/would be able to be an equity partner. Senior non-equity partners here make $1mm but the first year non-equity probably gets around $500k depending on hours and business generation.

JohannDeMann wrote:
zacharus85 wrote:
DELG wrote:LOL @ 10%

DELG you are a treasure. Make more threads so I can argue at you.


A non-equity partner came in here and said his chance of making partner was above average and he'd put it at 15%. 10% is way high. 8 years in your chance is 15% if you're good - Jesus.


Definitely not 10% from the jump as a first year. Even after you make it to senior associate/non-equity, I would say you don't have a 10% (on average) chance to make equity.


A first year non-equity partner at K&E (so like a 6th year?) makes $500k??? I'm not doubting you. That just seems like a lot/much higher than market.

nonsharepartner
Posts: 16
Joined: Mon Jan 26, 2015 4:07 pm

Re: Making Partner

Postby nonsharepartner » Fri Apr 10, 2015 4:16 pm

Lawyerrr wrote:A first year non-equity partner at K&E (so like a 6th year?) makes $500k??? I'm not doubting you. That just seems like a lot/much higher than market.


First year non-equity partners are made typically when considered a 7th year. Base salary is slightly above market ($275k is still market for 7th years I believe) and bonus is typically around $200k, although it can be lower or higher. So it's pretty close to $500k average. If you bill a lot it can be substantially more. Tough to bring in business at that level but it does happen (usually as part of a team) but the firm pays handsomely for business generation.

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ExBiglawAssociate
Posts: 2094
Joined: Thu Sep 13, 2012 7:06 pm

Re: Making Partner

Postby ExBiglawAssociate » Fri Apr 10, 2015 7:35 pm

You guys know that there are non-equity partners making less than associates at some firms, right?




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