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So here is the thing, at least they are being honest with you about what’s going on. They aren’t using some little thing as a pretext to not give it to you. Unless you think you might lose your job, I’d stick it out. If you do they will love you for it.
This is happening at a lot of firms. In the long run, I suspect it’s going to be easiest to make equity at your current firm. So in general I would lean toward stick it out. That doesn’t mean you should be happy about the situation and shouldn’t have an ear to the ground and/or look at in-house gigs (which can be hard to find the right fit).
Yeah, if they’re not up-or-outing you, might as well stay. Unless you have significant enough of a book of business that someone will give you equity off the bat.
It is only 4 weeks, so wait. If you don’t make it, listen to what they say and assess your options. On the firm side, will it be different next year? Do you have the support at the firm to pull you through next year? Are you, all in all, happy there? On your side, are you marketable, meaning do you have a book of business or do you work in a niche area of law that may be attractive to another firm?
Moving firms and going from non-equity to equity in connection with that move is not the easiest thing to do. So unless you are truly unhappy where you are, I would stick it out at least until you are an equity partner. Then if you're not happy it's easier to move into another equity role elsewhere.
Agree with all this. If the outcome is disappointing would put out feelers with recruiters. If your practice area is busy you might be able to lateral into an equity position but even if not it never hurts to get a market check.
I generally agree with advice to wait it out but would also point out that partner moves don’t happen overnight. I don’t see any issue with opening a dialogue with a recruiter today being honest that you wouldn’t plan to move prior to finding out but you want to start the groundwork now in case things don’t pan out
Equity partnership should be based on business. So if you have business, take it elsewhere if they think they can keep milking yours at your expense
Really appreciate all of the advice. I have a standing invitation (through a friend/former colleague) to explore my options with a peer firm. I'm genuinely curious to see how the conversation would go, what they might offer and whether the peer firm would be a good fit. The only downside I see is if I start those discussions and then make equity at my current firm, I will have wasted their time. I'm leaning towards waiting, but there's a part of me that wants to be proactive/protective in case I don't get the news I am hoping for.
Though if I don’t make it, part of me is done with this big law racket all together and I would seriously consider a pay cut to go in house. I’m in renewable energy so the market is still pretty hot. Still it would be leaving a firm I’ve been at since I was a summer. The stick it out would be painful.
If you are genuinely curious and ready, take a look. These things usually start with a coffee, or in the past two years, a Zoom meeting. Take it one step at a time and be honest about where you stand. The firm should commit to confidentiality.
This happened to me in spring of ‘08…they promised it would turn around by the end of the year and I’d be fine. By Thanksgiving, it was clear they were wrong. Thankfully, I’d spent July-October looking at my options, so when they told a whole group of us we weren’t making equity AND we couldn’t stay, I was able to move firms inside 14 days.