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I can't keep growing my business due to demanding partners asking me to run and prioritize their deals and clients. I don't want to be a "grinder". How can I become a partner? What size book do I need to lateral in somewhere as a partner? How does the process work? What is typical income expectation?
If you manage are able to bring in $300-$500k worth of billings each year as an associate, then what? Would you at that point ask (even if you are a 5th or 6th year) if they would consider making you income partner? I just haven't heard of this happening at my firm and am curious why. I feel like these numbers are not impossible if you get very lucky and have one client that does an M&A deal, and then one or more other clients that do 2-3 financings that year as well. Just curious what my options are. Id love to focusing on building out my practice and am curious what would happen if things take off.
I understand of course I could keep working at my firm for 4-5 years longer hoping they make me partner on their timeline but now that my skills are up to snuff, I feel like each year that I dont create time to expand my client base is one extra year that I am missing out on opportunities to build a practice to sustain myself in the future. Are biglaw firms ever open to offering a significantly shorter partner track for associates who generate their own work (and to keep other associates busy)?
Well, my firm (v20) made an associate a partner fairly quickly because that person had such a high growth book of business. Like I’ve heard my senior describe it to me as ‘we had no choice but to do so’. I’m not sure what the threshold is in terms of the book of business but at my firm, you can discuss these questions with your team leaders openly, at the very least at the end of the year review meeting.
Also, great going on growing your own book. Curious to know how you managed to do that? I’m in the same space.
Interesting - the problem with my firm is that I always had to go through other partners to bring on my clients (so they get the origination credit and revenue) so I'm curious how aware my management is. Any clues about what the revenue $$$ threshold would be to be in the running? The way I got my work is met two (out of many others) young founders that have been raising early financings through the past 2-3 years, and their businesses are growing. I've turned down A LOT of work, introductions, meetings when billing 200+ hours, especially when busy with M&A. I feel like the biggest obstacle is making time during the day to talk to prospects. Happy to brainstorm!