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Depends on how "small" you're talking. There are lots of options smaller than V10. I think your concerns about being an income partner and basically expendable at a smaller biglaw firm are valid. However, the path to equity is easier at, say, an AmLaw 100 than at a V10 as well. And you'll have more opportunities to build and inherit a book at a smaller biglaw shop. At a boutique, I would guess that most partners are equity rather than income, but I'm speaking from very limited experience with one firm only.
I guess the real question is - when you get to senior associate level - where can you go if you want to stay at a firm long term?
Mentor
My boutique is in a niche area where most businesses that need this niche won’t pay biglaw rates. Hence our boutique at 60% of the biglaw rates has been very successful. We have income partners and if those income partners develop business we would make them equity partners (for various reasons they have not been motivated to look for business). We left a midsize firm (that functioned like biglaw) to start this boutique and have no regrets. For me, no amount of money could get me to give up control of my life and practice to a larger firm. Talk to the people at this firm about these issues. Frankly at the number of years out that you are, they will be surprised if you aren’t thinking about partnership and business development . What options are there for you? Will they support your bus dev? How?
Partner 1 - haha I totally agree. The credentials don’t fly far in a boutique.
Mentor
What’s your long term career look like where you are? Is there security? Do you enjoy it? Now ask the same questions about the other place. Which would you prefer?
Boutique seems like a no-brainer here, particularly since you said you’ll be pushed out soon.
Which practice group are you currently in?