How do you become a biglaw partner
Posted: Thu Apr 07, 2016 10:04 am
HOW? WHY? What are some horror stories about your partners?
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This sounds about right for midlaw, and the smaller the firm the more important it is to bring in business, generally. But the above does not necessarily apply to big law (which is what OP was asking about). Almost none of the people who made partner at my firm -- and that's equity, since we don't have income partners -- brought in any significant business. (On the other hand, I easily bill $1M per year without generating any business whatsoever.)Anonymous User wrote:In all seriousness, it's all about the clients. At my firm, the baseline is bringing in $300,000 and billing $600,000. Those numbers are fungible, but they're a good goal. Some of the $300k comes from split billing and origination work, and the rest is work you bring in and do. This ensures that you're developing business, and that you're doing good work - because you probably won't get much above $600k without big partners liking you (at least, not with the billable rates at my midlaw secondary market firm). Also, this is for income partner - not equity. You gotta bring in way more than that for equity.
Oh, and don't be an asshole.
The first is obvious, but if you look at incoming partner classes, you'll notice that a lot of the partners are in "hot" areas of legal practice (IP, healthcare M&A, etc.). Lucking into a practice group that will boom 8-12 years after you start there seems to be the real x factor, more than grinding or being well-liked or performing a virgin sacrifice or whatever other thing you think will get you to the top.Anonymous User wrote:Be well-liked by the key rainmakers
Be in a practice group that is booming
0L here, but I work at a V30 firm in a major market where bringing in business is a huge part of becoming a partner. The way our firm promotes makes it difficult for anyone who doesn't suck up to become a partner and as an effect have some clients passed onto them as if they originated them. Like I said, 0L, so I can only attest to my firm, but there's at least one biglaw firm that that works this way. Obviously, that's in addition to doing quality work, not being an asshole, and surpassing your billable goal.Lincoln wrote:This sounds about right for midlaw, and the smaller the firm the more important it is to bring in business, generally. But the above does not necessarily apply to big law (which is what OP was asking about). Almost none of the people who made partner at my firm -- and that's equity, since we don't have income partners -- brought in any significant business. (On the other hand, I easily bill $1M per year without generating any business whatsoever.)Anonymous User wrote:In all seriousness, it's all about the clients. At my firm, the baseline is bringing in $300,000 and billing $600,000. Those numbers are fungible, but they're a good goal. Some of the $300k comes from split billing and origination work, and the rest is work you bring in and do. This ensures that you're developing business, and that you're doing good work - because you probably won't get much above $600k without big partners liking you (at least, not with the billable rates at my midlaw secondary market firm). Also, this is for income partner - not equity. You gotta bring in way more than that for equity.
Oh, and don't be an asshole.
Vaguely right, but remember that "business need" and bringing in business can reinforce each other. So if you've brought in some major clients (or are key to the relationship with some major clients - not just doing a lot of work, being the one who gets the call to actually do the deal)Lexaholik wrote:From my highly anecdotal and admittedly limited understanding from working a couple years at a V5, the following factors are necessary but not sufficient. They are (roughly in order of importance)
- Doing high quality work (ie. billing a ton)
- Being super reliable (ie. billing a ton)
- Avoiding making enemies; political maneuvering
- Having a big-name sponsor/supporter (preferably someone on the Management Committee)
- Specializing in a practice area that's growing (ie. billing a ton in the right practice area)
- Business need for one additional partner for that practice area
You can control somewhat the first few factors but they're not that important. You have less control over the last few factors. In fact I've seen destined-to-be-partner candidates have everything except the last one. They were passed over. (One guy I can think of ended up becoming counsel then head of litigation at one of the biggest clients. So all in all not bad.)
Also, the first few years you have some control over the first few factors but as I mentioned above, they don't really play a huge role in making partner. The last few factors really come into play after you're a midlevel or senior associate.
Note: This likely applies to the handful of big firms that don't need to "get business" so rainmaking probably doesn't matter quite as much.