Developing a partnership track / program at our boutique firm. We’re 5 years old and have some incredible talent that I’d like to retain - and offer growth opportunities.

The big firm models just don’t jive with our structure - revenue is still a bit unpredictable and the team is relatively new/green. Has anyone developed a less conventional p-ship model? How do I give “credit” (if at all) for their experience before joining our firm?

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We have both a non equity partner track and an equity partner track to accommodate this. For equity, you really need to be bringing in business. There is value to bring those up that are good billers and good practitioners even if they’re not bringing in business.

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This one is difficult. I take the position that you have to consider any rebranding costs, initial outlay at formation (for such a new firm) and recognize the need for the partner to be to have some substantial return on investment. Further, consider the administrative tasks that they will clear from someone’s desk. This all assumes you are talking an equity stake and is all about that last year before actually being offered partnership.
Prior to that, you may want to look at total years of practice, years of practice in the area of law that is now the focus, ability to attract new business, revenue in comparison to average partner revenue. If they are not pulling in at least 2/3 of your average partner revenue, why would you consider offering equity partnership?

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So helpful — and excellent point about making sure they’re pulling their weight in revenue. Perhaps it’s less about the “partnership track” and is something else entirely — like a combo of loyalty + revenue + something else I haven’t identified!

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