I work at a smallish law firm (7 yoe). I recently approached the managing partner about discussing my future in the firm and the path to partnership. Some important context, the partner’s father has been the managing partner for many years and is stepping down and my boss is taking over that role. He is completely on board with discuss partnership with me and what the path to that would be in the next couple of years. But since I approached him kind of on short notice he said we would remeet…

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Again to discuss partnership and a raise, at the year end review. He wanted me to propose was he thought partnership meant to me and what that would look like because he has not managed this process alone. I’m a little lost as to what I should propose in the follow up meeting

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I represent lawyers and law firms as outside General Counsel, DM or email me at jcunningham@cohenvaughan.com if you’d like to chat.

Presumably there’s a partnership agreement in place so what partnership means to you shouldn’t really matter so much but seems like it does here given his experience. Generally, you’re either an equity owner or just a lawyer employee with a partner title.

Assuming you’re going for equity, you pay in some amount to reflect the prior contributions (time and money) of the existing partners and in exchange you get a piece of the firms profits. Typically you’d get a set percentage of ownership of the firm. You’re also bound by the partnership agreement, which is usually much more onerous than just being an employee.

If you’re just getting a title, I’d ask for triple the raise you usually get.

Good luck!

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I would talk about what your draw of the pie would be - (I.e., no salary and only equity distributions based on your collections or salary and and lower amount of equity distributions).

Also, be ready to indicate your value - your clients and the fees generated by them and any clients you service. I think that’s a good start.

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