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When the partner asks why I missed his deadline
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Does the work life balance ever actually get better for partners at your firm? At a V10 and the equity partners' lifestyles don't look appealing aside from the wealth/financial security provided by earning millions of dollars per year. Realize it's a trade off, but just curious how folks feel after they've "made it."
How do you study the industry?
Congratulations, that is amazing! Thanks for answering questions. Also curious about your work life balance… Do you have children? If so, are you able to attend their activities, be home for dinner, etc.? Do you travel a lot? What is your practice area? Thanks so much!
Thabk you so much for your response! That is super helpful and makes me feel better actually!
Firm is 1 tier, so equity from Day 1. Made it at 35.
I answered somewhere else in the thread, but this year ill be in the $2M range. To give context, we have folks who make $7-10M. Unsurprisingly, theyre in their 50s and 60s.
Can you please provide some insight into your total take home compensation each year since making partner? It’s not clear to me how the pay structure and profits per partner actually translates into what a young partner takes home.
Corporate and finance--yes, primary goal is to provide transparency for folks who care to hear it.
31 or 39? Both cool, but one is way more cool. Also, did you build your own book or did you inherit a book?
Theres no one in our firm who has made it before 34-35, is what i was told.
What practice area? I’m in general litigation with goal of making equity, but am worried about the slim prospects without specializing. Any advice?
I'm corporate finance and M&A. Wish I could opine more on lit but I don't really have insight on their specific metrics, but suffice it to say, having a really good reputation (people like you) and also showing that you have biz dev potential help a lot, obviously in addition to doing really good work.
This is great! Can I ask what group you’re in?
Sit between corporate and finance.
In terms of promotion, how much was attributable to politics? Up this year and wondering what I should be doing on top of doing good work…
Politics are relevant--theres a counsel in our group who is super smart and bills a lot but the head of our group doesn't like him lol--he never comes to the office and doesn't interact with anyone. Guy has been passed over twice already.
How did you start building your book as an associate? I know we’re all told to network, but is there any color you can provide on that?
I think the best lawyers in their fields would disagree that legal services are commodities, especially in zero sum, high stakes practices like appellate litigation.
What did your parents do
Poor, lol.
When did you decide that you wanted partnership, and did you consider anything else before deciding? What pushed you to pursue partnership?
And relatedly, perhaps it’s a weird question, but did you like/want to emulate the partners you worked with most frequently in your run up to partnership? I’m trying to decide if partnership is right for me but I’m finding I disagree more and more with the way the partners I commonly work with staff our deals/run them
Yes i had a crticial partner mentor at my previous firm whose practice i basically mimicked. He helped me learn law firm economics and how to practice efficiently. Eternally grateful to him.
Like I said below, i was making that partner rich with my own clients and he understood that i needed to spread my wings. Thats when i went after partner. We're still cool to this day.
Enthusiast
What would you tell a junior who is being mistreated by a partner with a known reputation for being awful to work with. How should they handle a situation like that.
How many years did it take you to get equity?
As I said elsewhere, firm is 1 tier.
Do you think practice area matters for those who want to develop their own book? Would it be correct to say attorneys in certain practice areas (e.g. M&A, tech trans) would be easier to make partner than let’s say litigation? I am in the early stage of my career and would love to understand whether/how practice area affects the opportunity to become partners. Thanks!
Yeah im corporate. I agree with the sentiments about litigation/regulatory--i do think its easier to make a case for partner in corporate.
Subject Expert
What is tour compensation based on? Originations? Hours?
I mean yeah I have a $5M+ book that is growing fast so naturally i have more leeway.
Mentor
What does the chairman of a law firm do?
Do they represent the partners’ wishes in a firm and thus must do what the partnership as a whole wants?
Or do they set policies and goals that other partners must follow?
Strategic leadership, primarily in making sure we continuously make more money. They do have to listen to partners, esp rainmakers.
How did the partnership convo go? Was it just a given with the book growth or did you have to strategize?
Mostly a given bc of book, but also partners were throwing me onto deals and we would end up getting more work as a result--i showed i could substantively hold my own as well.
Do you have a sense now of which associates have the skills/ personality to make it to partnership and which ones don’t?
To clarify, i mean those who dont appreciate that this is inherently not a rosy job.
Subject Expert
What are your billable hours per year and all in hours?
How difficult were your first couple years as a partner? Did you ever feel like you were given the short stick just bc you were new/junior? I am an early 30s second year partner with a similar size book and I notice a lot of things like comp, power etc goes to those with bigger books, senior etc. the bigger books makes sense but when partners who are simply more senior but doesn’t have any book or as large as me are given more (deference, power, comp etc), it gets at me. Did you encounter this? Any tips to deal with this/get through ?