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Additional Posts in Big Law
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Subject Expert
Get partnership first. Then, if the money is significantly better, entertain your options. (But it sounds like you have it pretty sweet.)
Mentor
It's not a deal I'm willing to make, and I'm at an Am Law 50-75 firm. Chasing those few extra dollars isn't worth potentially landing in a toxic group or somewhere with little chance at partnership. I also don't think I have it in me to rebuild my reputation all over again. I worked really hard to establish myself at my current firm and now I have 2 kids. I'm too tired and not motivated enough to do that again.
How far below market is your comp? Hard to discuss in the abstract. Need concrete numbers. But I wouldn’t forgo partnership easily. Very unlikely at a top 20.
Partnership is probably not guaranteed at the two AmLaw 20 firms unless you get something in writing. Also, by the time you get nonequity partner at the AmLaw 20, you may be an equity partner at the current firm.
Also, I really doubt you’d be working the same hours if partnership is what you’re aiming for… People at my prior firm (lower AmLaw) worked like 2000 hours to get nonequity partner. People at my AmLaw 30 firm needed 2300+ regularly to even be in the conversation for partner.
Coach
This. I was in an AmLaw 50-100 firm and billed less than 2,100 hrs (which included pro bono) for my last few years there and got non-equity partnership. Of course, I had another 300-400 hrs of “firm citizenship” hours like diversity, recruiting, business development, thought leadership, etc., but it would feel VERY different to be billing 2,300+ every year.
Subject Expert
What does partner comp at your current firm look like? Junior partner comp at a lower tier v100 I was at (all in $400kish to start) is less than senior associate at Cravath scale. How much does that partner title mean to you? Are you expecting to have a portable book of business? Is it the kind of business that could afford to pay the higher rates of v20 firms? (i.e., how portable is it really?)
Lateraling as a partner is difficult. It’s like being up for partnership all over again, only at a new firm where no one knows you. If you have a great portable book that are happy to pay v20 rates to stick with you, then great, but most junior partners from lower tier biglaw are not going to be in that position.
I don’t think it’ll open as many doors as being an equity partner at your current AmLaw 100 firm will.
I’ve seen people lateral as senior associates. They’re given a 2-3 year audition for nonequity partner. So, let’s say you’re a 7th year. You won’t get nonequity partner until 10th year, if your new firm thinks you should be a partner at all. During this 2-3 year window, you could be using your partner title at your current firm to build a decent book and maybe get some shares.
Let’s say the new firm says no to partnership. Then you have to probably lateral as a 10th year associate to a firm that may be “worse” than your current firm. Then it’ll take a couple of more years to get nonequity there. At this point, you’ll probably be an equity partner at your current firm.
Obviously you may be a superstar and get equity at the AmLaw 20/V20, but I’d really look at this from a conservative lens if I were you.
I know equity partners at lower AmLaw firms who make 800k-$1m. Sure, it’s not as much as a V20, but getting equity at a V20 is significantly harder.
Coach
What type of practice do you do? If you’re in lit, I’d stay where you are and try and make partner at your current firm. If you’re in a corporate practice, I’d lateral to the V20, make as much as you can for as long as they’ll let you, and then move in house. With V20 on your resume, you could make as much or more in house as you would as a partner in your current firm.
It is incredibly difficult to lateral as a partner without a decent book of business.
Disagree with A4. You said you want equity, and I think it’ll be harder to get equity as a senior lateral at a V20 firm. Rates are usually drastically higher, so you’ll need to inherit someone’s business. If you’re lateraling, unless someone loves you, you may not get that business from a retiring partner.
Plus, equity partner at a lower AmLaw firm still gets you more than $400k. So it makes sense from an ego (equity partnership) and money perspective to stay.
Generally what other person said. Partnership 1st then try to lateral into Partnership directly if you want to. Also, V isn't all that helpful, a number of V70+ firms have higher PPPs than V20 (like Fenwick > Covington Burling or Jones Day and very close to firms like Sidley/Ropes).
Mentor
Coming to a V20 having never worked in that environment could work out, but it could also backfire spectacularly. You may go from “quite happy” to irredeemably miserable in a few short months. I would tread very very carefully.