Setting myself up to make partner somewhere

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umichman

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Setting myself up to make partner somewhere

Post by umichman » Wed Apr 07, 2021 8:19 am

Currently a mid-level at v5 in relatively niche practice group where our firm reigns supreme. Looking up, i see lots of capable folks getting to the very senior associate level and then getting turned down for partnership.

My goal is to be an equity partner at mid or big law firm in either the primary market I am currently in or a secondary market where significant other likes (discussing the merits of that desire is not the point here).

Do you think the odds of making partner are enhanced by (a) staying at current top ranked law firm, making counsel or becoming senior associate at big law firm and then selling experience to mid law or lower ranked big law firm or (b) moving to lower ranked big law or (taking a pay cut/moving markets) moving to mid law firm now to start building relationships with their institutional clients/current rainmakers?

ExpOriental

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Re: Setting myself up to make partner somewhere

Post by ExpOriental » Wed Apr 07, 2021 8:26 am

Acquire kompromat on certain key players, then artfully blackmail them into making you partner

soft blue

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Re: Setting myself up to make partner somewhere

Post by soft blue » Wed Apr 07, 2021 8:47 am

Is this a practice that drives its own clients or is it a service practice?

hdr

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Re: Setting myself up to make partner somewhere

Post by hdr » Wed Apr 07, 2021 9:05 am

No idea why you're asking TLS. At this point in your career you should already have an understanding of your path to equity partnership at a firm, if that's your goal. No one here can give useful advice without knowing more about your practice area and how it fits into your current firm.

Also note that senior associates/counsel at V100 firms can earn around $500k or more when factoring in bonuses. That's more than a lot of midlaw equity partners earn. But of course, the midlaw work/life balance is often better.

umichman

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Re: Setting myself up to make partner somewhere

Post by umichman » Wed Apr 07, 2021 10:23 am

to be clear, this would be like making equity partner at large regional firm in a tertiary market where there really arent v100 firms.

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target_corp

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Re: Setting myself up to make partner somewhere

Post by target_corp » Wed Apr 07, 2021 1:30 pm

I'm a little confused--is this niche in the tertiary market you're looking at? Or are you going to a broader practice area with the move?

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Re: Setting myself up to make partner somewhere

Post by Anonymous User » Wed Apr 07, 2021 6:26 pm

umichman wrote:
Wed Apr 07, 2021 8:19 am
Currently a mid-level at v5 in relatively niche practice group where our firm reigns supreme. Looking up, i see lots of capable folks getting to the very senior associate level and then getting turned down for partnership.

My goal is to be an equity partner at mid or big law firm in either the primary market I am currently in or a secondary market where significant other likes (discussing the merits of that desire is not the point here).

Do you think the odds of making partner are enhanced by (a) staying at current top ranked law firm, making counsel or becoming senior associate at big law firm and then selling experience to mid law or lower ranked big law firm or (b) moving to lower ranked big law or (taking a pay cut/moving markets) moving to mid law firm now to start building relationships with their institutional clients/current rainmakers?
Mid law or regional big law is equity partnership is much different (most places) than making equity partner at a v5 big law. At a v5 big law, you aren't really required to have clients to make partner (including equity partner). You have relationships with institutional clients, but aren't really expected to be bringing in new institutions when you first make partner.

That is not at all true with mid law or regional big law where you need a solid book of business to make equity partner. I have absolutely no idea what your situation is, but you need to consider whether you can bring in real business in the next few years at the rates a mid law or regional big law charge. If you can, making equity there is might be easier. Otherwise, you need to figure out a path to making equity at a large law firm, which should be surveying the market, finding a place that needs your specialty but does not have it, and making sure that firm makes equity partners without business.

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Re: Setting myself up to make partner somewhere

Post by Anonymous User » Wed Apr 07, 2021 6:26 pm

umichman wrote:
Wed Apr 07, 2021 8:19 am
Currently a mid-level at v5 in relatively niche practice group where our firm reigns supreme. Looking up, i see lots of capable folks getting to the very senior associate level and then getting turned down for partnership.

My goal is to be an equity partner at mid or big law firm in either the primary market I am currently in or a secondary market where significant other likes (discussing the merits of that desire is not the point here).

Do you think the odds of making partner are enhanced by (a) staying at current top ranked law firm, making counsel or becoming senior associate at big law firm and then selling experience to mid law or lower ranked big law firm or (b) moving to lower ranked big law or (taking a pay cut/moving markets) moving to mid law firm now to start building relationships with their institutional clients/current rainmakers?
Mid law or regional big law is equity partnership is much different (most places) than making equity partner at a v5 big law. At a v5 big law, you aren't really required to have clients to make partner (including equity partner). You have relationships with institutional clients, but aren't really expected to be bringing in new institutions when you first make partner.

That is not at all true with mid law or regional big law where you need a solid book of business to make equity partner. I have absolutely no idea what your situation is, but you need to consider whether you can bring in real business in the next few years at the rates a mid law or regional big law charge. If you can, making equity there is might be easier. Otherwise, you need to figure out a path to making equity at a large law firm, which should be surveying the market, finding a place that needs your specialty but does not have it, and making sure that firm makes equity partners without business.

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Joined: Tue Aug 11, 2009 9:32 am

Re: Setting myself up to make partner somewhere

Post by Anonymous User » Thu Apr 08, 2021 9:01 pm

Depends on the midlaw/regional biglaw firm, plenty of them mostly rely on relationships with institutional clients, just like biglaw firms. In my home state (tertiary with 2 V100 offices) most places have much, much better partnership prospects than biglaw and competent people who want to make partner generally do. Of course a book of business helps though and is necessary at some firms--especially the couple of V100s actually because it's hard for them to add an equity partner in a tertiary.

When considering a choice like this you often need someone with strong knowledge about the smaller market to find out often even basic things like salary expectations, let alone like which groups/firms have partners who are good to work with, they tend to be opaque.

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