How would you articulate wanting to be promoted to counsel versus partnership?

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Counsel is the dream. Pay me 500k / yr to be a Sr associate. Hell yeah

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I mean, I agree that if you have the ability and appetite for partnership, it’s realistically attainable at your firm and you’re driven by making more money as a primary consideration, it’s obviously rational to not self-select out of it. But i thought that was a given…

Forever underpaid vs. forever overpaid.

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I think it depends on how senior you are, but during your review meeting, you could ask about your trajectory at the firm and hope that opens the door to a conversation about various options. Most partners will start having these discussions during review meetings when you're getting close to partnership/diverting to Counsel, so it may come up anyway. If your firm values your work and sees a long-term need for your skills, they shouldn't be upset about you wanting something different, especially if Counsel is a common track as associates advance beyond the grid.

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