Related Posts
I need one like to start chats. Appreciate your help
Any promising ad agencies in Nashville?
Conversation Starter
FAR, what a pain..that’s all
Additional Posts in New York Big Law
Anyone looking for an apartment in LIC?
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
If you want to make partner, it sucks (by extending the timeline, making it harder to become equity partner). If you’re planning on leaving, it’s not so bad, because you can “make partner” more easily for resume purposes before your exit.
Nothing, you're a junior lol.
When you're more senior, if you have aspirations to be partner then it may create a longer runway before true partnership, but that's a long ways away.
Cleary?
It means it’s harder to make equity and you’ll need a book of business of $2m+ to ever make equity
I have this same question. I understand that non-equity tiers extend the timeline to making equity, but couldn’t this system also allow people who probably never would have made equity anyway to stay in Biglaw longer, make more money than they otherwise would have, have more leverage in the job market if they do leave, etc?
Yes, this. Good for people who would not have otherwise made it, bad for people who were otherwise going to get equity directly.
Honestly I think the primary negative is having partner level financial responsibilities (I.e. covering your own insurance, being taxed in all states the firm has offices, etc) before really making equity level money. But otherwise, I don’t think it truly extends the equity timeline. The time spend as a non-equity partner is just the same 4+ years you’d have spent as senior associate wondering if all your hard work was going unnoticed but instead now with slightly more insight early on (after 7th/8th year) that they want to keep you and develop you into what could become an equity partner.
That is how it works. There have been many articles about it recently. But I’ve also spoken to newly promoted non-equity partners and they’ve said the same thing. Equity or not, once you get the title partner are most firms you are no longer an employee and get treated like a partner in all ways except getting equity.
F
Potential impact for a junior is if good seniors leave due to the change (unlikely, as hard for them to get a better deal elsewhere) or if the stress of proving themselves for longer makes seniors worse to work for (unlikely to be notably different than junior partners always were)