Becoming a partner at a law firm has its own challenges. As an associate, you’ve already discerned that it will take more than hard work, determination, and an encyclopedic knowledge of the common and civil law. So what else is required? Learn how you can leverage your unique legal background to create a career development plan that positions you for partnership.
Equity Versus Non-Equity Partnerships
The benefits of partnerships include greater voting in business matters, access to capital, maximizing the firm’s performance, and even basking in prestige. Most law firms are based on a two-tier partnership model including equity and non-equity partners. Equity partners receive compensation based on the firm’s profits.
Non-equity partners don’t have any claims of business ownership. They receive salaries and performance bonuses, but may or may not have voting rights or serve on committees. Furthermore, law partners aren’t employees so they must buy their own health insurance.
Competition among partners is fierce. It’s usually based on the allocation of credit. If your compensation is connected to the firm’s profits, the percentage ratio (basically 100%) of the profits is based on your ability to generate business (origination credit) and billing time. However, if another partner “originates” or brings in a client, but you do all of the work for them, he will get origination credit and you’ll receive billing credit.
Trending Legal Issues and Law Firm Trends
The positions leading towards a partnership include a summer associate, first-year associate, and then senior associate. Finally, you have the opportunity to make partner and work on significant legal issues.
However, it may take longer than you thought. According to a study reported by Reuters in 2022, “Associates last year took an average of nearly nine years to make partner at the firms where they began their careers…” Why? Experts say that maintaining a partnership’s size allows for increased profits for equity partners.
7 Steps for Earning a Partnership
Stay informed about events that impact the legal community. Then devise a tailored plan by following these seven recommendations.
- Assess Your Needs
Why do you want to become a partner at a criminal law firm versus a lawyer for domestic violence? What do you want to achieve in the next five years? Answer these questions to eliminate confusion and chart a targeted path.However, if you’re a minority, you may face discrimination. Women may feel the pressure to manage their professional lives with family obligations. The National Association of Women Lawyers said, “For over a decade, approximately 50% of law students nationwide have been women…and yet the statistics repeatedly show that these women are not reflected in the numbers of non-equity or equity partners in those same law firms.”
- Become Productive and Marketable
Prove your ability to lead cases by nurturing client relationships. Generate work for you and the firm. Scrutinize every detail of your client’s case. Allocate the right resources in a timely manner.Productivity leads to profits. Every contact you have with a client, opposing counsel and even the counsel’s client is an opportunity for business development. Let your impeccable legal acumen maintain a solid roster of clients as well as create new ones.
- Find a Mentor
Mentors can help you identify your strengths and weaknesses. Having a mentor that works alongside you within the law firm can help you familiarize yourself with the firm’s specific criteria for earning a partnership. Otherwise, seek a mentorship from an attorney once you become a part of Caribbean Barrister’s network of legal professionals.
- Master Interpersonal Skills
Also, most experts say that your personality also affects an associate’s ability to make partner. The Myers-Briggs Type Indicator assessment reports that the 31 percent (a combination of ISTJ and INTJ) of lawyers are introverts. These personality assessments help you become self-aware and address any shortcomings that could interfere with cross-disciplinary collaboration at your law firm.Make an effort to know your colleagues. Invite them for a cup of coffee. Chat with them on a Zoom meeting. Interpersonal skills – or lack thereof – can derail a career.
- Seek Opportunities
Opportunities to develop relationships are ever present through law school and social events. Volunteer at legal aid clinics and offer free lawyer advice. Cultivate proficiency in your area of expertise. Participate in your law firm’s committees.Lawyers represent a great percentage of professional speakers. So become a highly sought-after expert. Write a book. You must sell yourself and prove your marketability for the firm.
- Master Work/Life Balance
As a member of the legal field, you will probably be expected to make your position a top priority. However, if your current arrangement isn’t working for you, be creative. Consider the needs of your clients, partners, and colleagues and develop a mutually beneficial plan.Establish your own pace without sacrificing quality. Don’t perceive a slower pace as a problem, rather it’s a method to achieve a healthy balance between your personal and professional life.
Each person must evaluate his values. A law firm’s day-to-day operations require skills, talents, and aptitudes that exceed a law school’s staid curriculum. However, if you focus on a multi-pronged, long-term strategy, your promotion to partnership is almost guaranteed.