Any advice for a new (equity) partner?

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Thanks is spelled thanks not thx.

likefunny

Totally agree

You’re only as good as your associates.

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This too.

Any advice on how to become one?

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I just became one (very small %, but clear direction and goal posts on how to earn more) by levying an offer at another firm. When my firm asked why I was leaving the main reason I said I was leaving was bc I wanted partner track and that wasn't an option at this firm (small firm). They immediately said they would give equity and set up how to give me more over a number of years (I'm not a rainmaker - straight up civil litigation only...so it's hard), along with increased salary, maternity leave, more autonomy, etc.

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Congrats on your 💰

likefunnyuplifting

Care to share how your compensation structure is as an equity partner?

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Salary (individualized) plus profit share (same amount for everyone) plus bonus (individualized but usually the same amount for everyone in most years)

likehelpful

Nice flex.

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Watch your back. When I was in private practice (before going into real estate private equity on the business and law side) I defended I group of (former) equity partners in clawback/fraudulent transfer actions by a bankruptcy trustee in a very well-known defunct law firm I won’t name here. I got to see behind the curtain at the highest levels during discovery. I don’t know your firm, how it is structured, etc., but in my experience, the executive committee is going to more or less run your life—depending on your book of business. Not to be a downer—but watch your back.

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What did you discover that people don't generally know?

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Read the whole email and answer all the questions, not just the first one you read

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Were you a non-equity before?

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No, associate.

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Following, since I am in the same boat (associate direct to equity partner).

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If I am just looking for compliments was a post…lol. Congratulations! Hope to be you one day.

No.

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