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I’m debating whether to lateral and Fenwick is one of my options. The other firms I’m considering are traditional market comp/bonus firms.

Fenwick has a weird tier and level system. Does this generally correlate with class year or are the tiers and levels used as barriers for promotion to the next class year? I’ve seen this at a couple of other firms that appear to use it to slow down the partnership track, but I’ve never seen it at a market/near-market firm.

Generally correlates. Good people who make their hours seem to move up a level every year. But definitely not an up-or-out sort of place, and particularly when moving up a tier, there's a sense that they take a closer look and will hold folks back. I think the system can sometimes disadvantage laterals (who are good but still acclimating to new practice), but I'm also not sure how different it is from other firms (except those that really are up-or-out or wouldn't even let people repeat a year). My unfounded sense is the other peer firms in VC/tech are similar.

Thanks for the intel. I thought the more “elite” firms on the east coast just generally advance associates every year from years 1-8 before forcing them out, but that may be an incorrect assumption.

I guess this model at least allows people to stay longer.