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I know the basic concept of partnerships and the definitions of junior and senior partners, equity partners, etc. thanks to google and not being an idiot, but I'm curious as to what the actual partnership systems look like at real life BigLaw firms like V&E, Skadden, BB etc. Do these firms have junior partners or is every partner a full equity partner?

TL;DR: what does the ideal partnership track and partnership system look like in the real world, not the crap you get from recruiting material

AveryTolar wrote:I know the basic concept of partnerships and the definitions of junior and senior partners, equity partners, etc. thanks to google and not being an idiot, but I'm curious as to what the actual partnership systems look like at real life BigLaw firms like V&E, Skadden, BB etc. Do these firms have junior partners or is every partner a full equity partner?

TL;DR: what does the ideal partnership track and partnership system look like in the real world, not the crap you get from recruiting material

ideally in the real world

It varies from firm to firm. Drastically. There are relatively few firms left with one-tier partnership, and even fewer with lockstep partner compensation. If you're asking specifically about those three firms you mentioned, someone who works there might be able to answer your question, but if you're trying to get a "general sense" of what partnership track looks like IRL, you're not going to do any better than the vague "7-9 years of crazy hours and hoping for a well-liked champion amongst the partnership ranks."

heavoldgotjuice wrote:

AveryTolar wrote:I know the basic concept of partnerships and the definitions of junior and senior partners, equity partners, etc. thanks to google and not being an idiot, but I'm curious as to what the actual partnership systems look like at real life BigLaw firms like V&E, Skadden, BB etc. Do these firms have junior partners or is every partner a full equity partner?

TL;DR: what does the ideal partnership track and partnership system look like in the real world, not the crap you get from recruiting material

ideally in the real world

Oxymoron I know, substitute ideal with typical

KidStuddi wrote:It varies from firm to firm. Drastically. There are relatively few firms left with one-tier partnership, and even fewer with lockstep partner compensation. If you're asking specifically about those three firms you mentioned, someone who works there might be able to answer your question, but if you're trying to get a "general sense" of what partnership track looks like IRL, you're not going to do any better than the vague "7-9 years of crazy hours and hoping for a well-liked champion amongst the partnership ranks."

Thank you, I actually wasn't looking for those 3 specifically, because I'm sure they all do vary, even among those 3 I listed there are differences, considering last I heard V&E was lockstep and the others were not. I guess it is a tough question to answer in general terms.

First place - Partnership

Second place - A set of steak knives

Third place? Your fired.

Desert Fox wrote:Second place - A set of steak knives

but how nice are we talking

mephistopheles wrote:

Desert Fox wrote:Second place - A set of steak knives

but how nice are we talking

At least Cutco

Moved to the proper forum - OP, 0Ls are not allowed to post in the Legal Employment forum.

AveryTolar wrote:I know the basic concept of partnerships and the definitions of junior and senior partners, equity partners, etc. thanks to google and not being an idiot, but I'm curious as to what the actual partnership systems look like at real life BigLaw firms like V&E, Skadden, BB etc. Do these firms have junior partners or is every partner a full equity partner?

TL;DR: what does the ideal partnership track and partnership system look like in the real world, not the crap you get from recruiting material

To quote the great Rod Blagojevich, the ideal partnership scenario is this:

"This is a fucking valuable thing, I'm not just going to give it away for fuckin' nothin'. [...] I’ve got this thing and it’s fuck­ing golden, and, uh, uh, I’m just not giving it up for fuckin’ noth­ing. I’m not gonna do it."

mephistopheles wrote:

Desert Fox wrote:Second place - A set of steak knives

but how nice are we talking

Wüsthof or bust.

pertristis wrote:

mephistopheles wrote:

Desert Fox wrote:Second place - A set of steak knives

but how nice are we talking

Wüsthof or bust.

i was hoping we'd be at least in the custom cutler territory

A. Nony Mouse wrote:Moved to the proper forum - OP, 0Ls are not allowed to post in the Legal Employment forum.

Noted, my apologies.