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vanwinkle wrote:If you're not on track to make partner you are shown the door, usually politely, at most firms. Many of these people will go and join smaller firms where they will make partner; others become in-house counsel; others go into public interest or government work; others leave the law profession.

Some law firms now have a second "non-equity-partner" track, which allows you to become a "non-equity partner" and stay on at a fixed salary and not receive any equity. This basically makes you a permanent employee of the firm, and you make more than associates, but less than the equity partners ever do.

Noval wrote:Will i still be able to make Equity Partner if i do several years in Non-Equity Partnership ?
I'm only a few years away from making Partner in the Big firm i work at, they also have a Non-Partnership track but these informations are very classified for some reason so most Associates do not have access to them until the time comes for them to apply for these positions.

From your experience, did you see Non-equity partners going Equity after a few years ?
Personnally, it's not such a big problem for me as i can go In-House quite easily where i live, just wanted to know more about it.

jrwhitedog wrote:Could you be more specific about the salaries of each group?

jrwhitedog wrote:Could you be more specific about the salaries of each group?

vanwinkle wrote:

Noval wrote:Will i still be able to make Equity Partner if i do several years in Non-Equity Partnership ?
I'm only a few years away from making Partner in the Big firm i work at, they also have a Non-Partnership track but these informations are very classified for some reason so most Associates do not have access to them until the time comes for them to apply for these positions.

From your experience, did you see Non-equity partners going Equity after a few years ?
Personnally, it's not such a big problem for me as i can go In-House quite easily where i live, just wanted to know more about it.

The way I understand it, generally, the answer is no. If you become a non-equity partner, it is because a decision has been made not to make you an equity partner. The point of the non-equity partner track is to keep around people who might still be useful even if they don't want them to be equity partners, but they've already decided you're not what they're looking for in an equity partner.

bigben wrote:I don't have broad-based knowledge but this is not how it works at the firms I know about. You make non-equity partner at 6 years and it's relatively easy to do compared to equity partner. You're not up for equity partner until 8 years at which point you either make equity or continue as a non-equity partner, and there is the possibility of making equity partner in subsequent years.

There are two principal types of nonequity partnerships—permanent and temporary. In firms where the category is intended to be permanent, those who are made nonequity partners generally are not considered for equity status at a later time—although there can be exceptions.
In firms where the status is defined as temporary, or just an additional step to full partnership, associates (and sometimes laterals) are elected nonequity partners for a designated period, usually not more than two years. They are then considered for equity partnership. The additional time before reaching equity status enables these lawyers to gain more experience in their chosen areas of practice, in client service and in business development. And, of course, it gives the firm more time to evaluate these lawyers’ potential as stakeholders.
Some firms that have a temporary nonequity tier also provide for exceptions so that a “fast-track” associate may bypass the tier and be elected directly to equity partnership. Some of these firms also allow associates to request temporary nonequity status if they wish to work part-time for a while (usually to start a family) but then return to full-time practice.
In addition, some firms combine the temporary and permanent categories in their nonequity tier. A key advantage of having both is that it provides some flexibility in allowing a supposedly “permanent” nonequity partner to enter candidacy for equity partnership at some point in the future.

vanwinkle wrote:

bigben wrote:I don't have broad-based knowledge but this is not how it works at the firms I know about. You make non-equity partner at 6 years and it's relatively easy to do compared to equity partner. You're not up for equity partner until 8 years at which point you either make equity or continue as a non-equity partner, and there is the possibility of making equity partner in subsequent years.

That's fascinating. I've no direct knowledge so I admit what I said could have been completely wrong.

when profits per partner is reported...is that what the partners actually make?

wait you have to make capital contributions every year? i thought it was just your first year (i.e. buy-in)? whats the rough range for cap contribution? are we talked like 1-2% or 10%?

ruski wrote:wait you have to make capital contributions every year? i thought it was just your first year (i.e. buy-in)? whats the rough range for cap contribution? are we talked like 1-2% or 10%?

jrwhitedog wrote:So do they still stay in the same firm or are they expelled? And does that mean they'll never make partners again?

jrwhitedog wrote:Could you be more specific about the salaries of each group?

Noval wrote:

vanwinkle wrote:If you're not on track to make partner you are shown the door, usually politely, at most firms. Many of these people will go and join smaller firms where they will make partner; others become in-house counsel; others go into public interest or government work; others leave the law profession.

Some law firms now have a second "non-equity-partner" track, which allows you to become a "non-equity partner" and stay on at a fixed salary and not receive any equity. This basically makes you a permanent employee of the firm, and you make more than associates, but less than the equity partners ever do.

Will i still be able to make Equity Partner if i do several years in Non-Equity Partnership ?
I'm only a few years away from making Partner in the Big firm i work at, they also have a Non-Partnership track but these informations are very classified for some reason so most Associates do not have access to them until the time comes for them to apply for these positions.

From your experience, did you see Non-equity partners going Equity after a few years ?
Personnally, it's not such a big problem for me as i can go In-House quite easily where i live, just wanted to know more about it.

Thanks in advance.

boalt2l wrote:One thing not brought up on TLS is the disadvantages of being a partner. As partner you have to sign onto all the firms liabilities. Most of the large law firms are leveraged to the hills on huge lines of credit, which if they default on, you will be personally liable to pay for.

Kohinoor wrote:

boalt2l wrote:One thing not brought up on TLS is the disadvantages of being a partner. As partner you have to sign onto all the firms liabilities. Most of the large law firms are leveraged to the hills on huge lines of credit, which if they default on, you will be personally liable to pay for.

That... doesn't sound right.

Anonymous User wrote:

wait you have to make capital contributions every year? i thought it was just your first year (i.e. buy-in)? whats the rough range for cap contribution? are we talked like 1-2% or 10%?

It is just for the first year, but it reduces the partner's first year income significantly.

Kochel wrote:

Noval wrote:

vanwinkle wrote:If you're not on track to make partner you are shown the door, usually politely, at most firms. Many of these people will go and join smaller firms where they will make partner; others become in-house counsel; others go into public interest or government work; others leave the law profession.

Some law firms now have a second "non-equity-partner" track, which allows you to become a "non-equity partner" and stay on at a fixed salary and not receive any equity. This basically makes you a permanent employee of the firm, and you make more than associates, but less than the equity partners ever do.

Will i still be able to make Equity Partner if i do several years in Non-Equity Partnership ?
I'm only a few years away from making Partner in the Big firm i work at, they also have a Non-Partnership track but these informations are very classified for some reason so most Associates do not have access to them until the time comes for them to apply for these positions.

From your experience, did you see Non-equity partners going Equity after a few years ?
Personnally, it's not such a big problem for me as i can go In-House quite easily where i live, just wanted to know more about it.

Thanks in advance.

Am I the only one who finds this line of questioning odd? If you have questions about the partnership track at your own firm, why would you go to an anonymous Internet board, most of the posters on which are not even practicing attorneys, instead of asking, say, other lawyers at your firm?

Anyway, as others have pointed out, there is great variety among big firms in how their partnerships are structured: multiple tiers, varying periods of time, different capital contribution requirements, etc. One other thing to keep in mind is that firms can always change the rules on you midstream--i.e., make you wait additional years before elevation, deny you partnership altogether, create new inferior levels, and so forth.