What are the drawbacks of the firms that have earlier tracks for income partners (i.e. Kirkland, McDermott, etc.)? Is the pay pretty much the same as “associates” your year making market? Do you non-billable admin and business development expectations go up?

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One drawback is it will be hard to lateral into another firm as a partner until you get more years of experience. I’ve often seen Kirkland income partners forced to lateral into special counsel/counsel positions elsewhere.

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Great point.

When you say income partners, you mean no equity right?

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Yes

Also, those firms tend to treat you less like an actual partner. For instance, at Kirkland they don’t even get invited to the partner retreat, etc. So, you have the title of partner, but not the real experience of being one.

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Also, there’s a wide gap between a lot of these firms. New income partners at McDermott, K&L, etc. are probably making less than a senior associate at market firms. While an income partner at Kirkland is probably making out pretty well.

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Nonbillable work goes way up. Some firms lower billable reqs.

This appears to vary significantly across firms. I’ve been talking to people and I see some nonequity at top-top firms making almost as much as equity partners at other firms, and some getting 10-30k more than a senior associate but less net pay due to benefits being out of pocket, etc.

That would be roughly junior equity partner level at my firm (~10-12 years out), so that’s very good. My point was a junior NEP at these firms making like 5th-6th years partners are not doing much better than associates. That’s different than NEPs at 8th-9th year, which is a standard partner in terms of yrs of experience.

I don’t know for sure, but I suspect the faster-track firms lean more “up-or-out” and are less friendly to working moms, people with family obligations, etc.

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