Every aspiring lawyer and junior associate dreams of one day becoming a partner in their law firm. This guide will reveal the seven key reasons why law firms promote individuals to partner status and provide tips on how you can achieve this coveted position. If you're in the legal field and this is a goal of yours, keep reading.
As a seasoned legal recruiter and the founder of BCG Attorney Search, I've had countless conversations with attorneys from both large and small law firms. Their primary career goal is almost always the same - to become a partner. I often use the analogy of Navy Seals when discussing the journey to becoming an equity partner in a law firm. Documentaries about Navy Seal training depict the grueling physical and mental challenges that recruits endure. Many quit due to the intense pressure, particularly during the infamous "hell week." Only the most resilient and determined individuals earn the title of Navy Seal, a badge of honor that signifies their elite status.
The journey to becoming an equity partner in a law firm is a similar feat. It's a significant achievement that few accomplish. Many lawyers and law students abandon this path prematurely, with only the most dedicated ones reaching their goal. That's why announcing that you're a partner carries a different weight than merely stating you're an associate or counsel in a law firm.
However, becoming a partner isn't solely about being the best. Sometimes, it's about perseverance and doing your best, just like in Navy Seal training. The hurdles are often psychological or physical, but they're not insurmountable.
Throughout my career, I've worked with numerous attorneys and witnessed many of them ascend to partner positions. However, the majority never made it to partner status, instead remaining as associates in some New York office, switching to a different legal profession, such as in-house counsel, or leaving the practice of law entirely, much like many Navy Seal recruits quit training just before the finish line.
You too have the choice to halt your pursuit of partnership and enjoy more leisure time, less stress, and pressure. Many choose this path.
However, if you're firmly convinced that becoming a partner is the right path for you, you need to commit. Keep reading to learn some fundamental rules that will aid you in achieving your goal and attaining success.
The Reality: Most Law Firms Are Reluctant to Promote Equity Partners
One crucial fact to understand from the outset is that, regardless of your practice area or career stage, law firms are typically reluctant to promote partners. They prefer it when you surrender and abandon your quest to become a partner.
The more attorneys that relinquish their efforts, the better for the firm, as fewer individuals are vying for the firm's profits.
This also boosts the existing partners' self-esteem, as the partner title becomes more prestigious. They are viewed as more respected and accomplished than if more individuals attained equity partner status. Moreover, there's more money left over if a law firm doesn't promote other partners, as they don't have to share profits.
Once they promote someone to partner, they have to share the firm's profits with them, regardless of how much revenue they generate. Consequently, many firms avoid promoting anyone to "real" partner status for years.
They prefer to retain employees as associates for as long as possible, which can span years. However, having an associate for 15 or 20 years in one firm doesn't reflect well on the firm. As a result, firms often promote their attorneys to counsel or non-equity partner positions to avoid sharing profits but still foster the belief that promotion and partnership are possible.
Because achieving partner status is such a significant accomplishment and challenging feat, many attorneys believe it's normal to give up and pursue a different path. While there's nothing wrong with quitting once you realize this isn't what you desire, if you believe that becoming a partner is your primary goal, you shouldn't abandon your pursuit simply because it seems too challenging.
Instead, you should understand how the world of equity partners operates to enhance your chances of reaching this level. The truth is, law firms will typically not promote you to partner unless they're compelled to. Why would they? There's no benefit for them. However, there are several circumstances in which they have no other logical choice but to promote you to partner.
The Seven Key Reasons Why Most Law Firms Promote Associates to Partner:
1. You have or appear to have substantial business for the firm.
2. You have connections with a partner who generates significant business.
3. You have ties to an influential client.
4. You are industrious and persistent.
5. The firm needs to set a positive example due to low morale or high employee turnover.
6. The title doesn't carry much weight in the firm.
7. Your expertise and skills are unique and irreplaceable.
Possessing (or Potentially Possessing) A Substantial Amount of Business for the Law Firm
The primary factor firms consider is your ability to generate business for them. If you have enough business to leverage, they will have no choice but to promote you to partner. You typically only receive a fraction of the revenue you generate. The remainder goes to the firm and those above you. Therefore, successful rainmakers often become partners in most law firms.
For instance, if you can generate two million dollars in business, you would likely receive a quarter of it, with the rest going to the firm for expenses and those higher up in the hierarchy. This is a compelling reason for them to offer you a full partnership. It ensures you remain with the firm and continue to bring in revenue.
Of course, not all firms are the same, and not all promote partners. In some, generating one million dollars in business may be sufficient to achieve partner status. In others, particularly larger firms, even three million might be insufficient. If you're in a large firm in a major market, achieving partner status by generating enough business might be overly ambitious. However, you could always transition to a smaller firm where your chances of achieving your partnership goal are higher.
If your business isn't generating these figures yet, but you've consistently attracted enough clients and business, AND your figures have been steadily increasing, there's an assumption that, over time, you'll be able to generate sufficient revenue. In such a scenario, the law firm would consider you for partnership despite not having reached this level yet. They'll recognize your potential, and that will be enough to promote you to partner.
The more revenue (or potential revenue) you generate, the higher your chances of becoming a partner. Law firms are businesses seeking to maximize their profits and cover their expenses. If you're only taking money without contributing, you're not a valuable asset to them. So, if you aspire to become a partner, ensure that you consistently generate enough business. Establish connections with people and potential clients and develop your business network early on.
Having Connections with a Powerful Law Firm Partner Who Generates Significant Business
Another effective strategy to persuade your firm to promote you to partner is if you're connected to a powerful partner or group of partners who generate substantial business for the firm.
You should strive to forge relationships with the more influential partners in your firm while you're still an associate, as this can enhance your chances of promotion. The more business and revenue they generate, the more influence they wield. They not only cover the firm's expenses and keep it running, but they're also the reason other partners can enjoy luxurious lifestyles. If someone of this stature vouches for you, it carries significant weight. The firms don't want to lose the profit these individuals generate, and they don't want to upset them. So, if they advocate for someone to become a partner, the firm will support them, even if you don't have enough business to become an equity partner independently.
When partners switch firms, they often feel unappreciated and unsupported in their decisions, including who to promote to partner. Firms can't afford to lose these high earners because, in addition to the revenue from their own clients, they also generate more work for everyone else, thereby increasing their paychecks and the firm's profits. So, in the end, it's more profitable for the firm to promote you to partner, even if you don't yet have a proven track record.
There's often a lot of behind-the-scenes politicking with these powerful partners. If you're privy to this information, you can use it to your advantage. You should identify a powerful partner with plenty of work for you, work diligently, strive to impress them, and align yourself with them. They'll provide you with consistent work, and your chances of becoming an equity partner significantly increase if they're satisfied with your work and attitude. And even if they decide to switch firms, these influential individuals often bring their top associates with them.
Having Connections with Influential Existing Clients
Connections with a powerful client, or group of clients, can also aid your journey to partnership. Of course, it's not as common as achieving partnership through a powerful partner. However, many attorneys are offered partnerships thanks to their connections with influential clients. These clients provide the law firm with substantial business and revenue, so their opinion matters. Firms don't want to risk losing their larger clients.
If you have the opportunity to work for a major client as an associate, you should strive to exceed their expectations. Anticipate their needs and deliver impeccable work. Be available 24/7 and promptly answer all their queries. Strive to be the best attorney they've ever hired and establish a close professional relationship with them. They'll take notice. And they'll inform your boss about it. Or you could even request them to vouch for you if your professional relationship is close enough.
However, you must exercise caution in how you approach forging a close relationship with the client.
Work so hard, That They Have to Make You Partner to Avoid Demotivating Other Associates.
Working so hard that they have to make you a partner to avoid demotivating other associates is a testament to your exceptional dedication, commitment, and work ethic within a law firm. When your contributions surpass expectations and set a benchmark for excellence, it becomes evident that your value to the firm cannot be overlooked.
Your relentless pursuit of excellence not only elevates your own performance but also inspires and motivates those around you. Associates who witness your dedication and drive are encouraged to raise their own standards and strive for greater achievements. However, if your efforts are consistently unmatched, it can inadvertently create a sense of demotivation among your peers, leading to feelings of inadequacy or frustration.
In such a scenario, promoting you to partner becomes not only a recognition of your individual accomplishments but also a strategic move to maintain morale and motivation among the associates. By rewarding your hard work with partnership, the firm sends a clear message that dedication and perseverance are valued and rewarded, thus incentivizing others to emulate your example.
Furthermore, promoting you to partner serves as a morale booster for the entire firm, signaling a commitment to recognizing and nurturing talent from within. It reinforces the notion that hard work and meritocracy are fundamental principles guiding career advancement within the organization, instilling a sense of fairness and equity among the associates.
However, it's essential to ensure that the promotion is not solely driven by the fear of demotivating other associates. Rather, it should be based on a holistic evaluation of your contributions, capabilities, and potential to excel in a leadership role. Your promotion should reflect not only your exemplary work ethic but also your leadership skills, client relationships, and ability to contribute to the firm's long-term success.
Ultimately, working so hard that they have to make you a partner underscores your exceptional value to the firm and your indispensable role in shaping its future. It highlights the importance of fostering a culture that rewards merit, encourages excellence, and empowers individuals to reach their full potential.
See more
Will Your Firm Make You Partner?
Decoding the Law Firm Partnership Track: Key Steps, Requirements, and Career Progression
Law Firm Titles: Associate, Of Counsel, and Partner
The Firm Needs to Set a Good Example Because Numerous Attorneys Quit
In the legal profession, a firm's ability to set a positive example is paramount for retaining attorneys. When leadership exhibits integrity, fosters a supportive culture, recognizes contributions, and provides avenues for career growth, it creates an environment where legal talent feels valued and motivated to stay. Conversely, firms that fail to uphold these standards risk losing attorneys to competitors who offer a more conducive and fulfilling work environment. Thus, setting a good example isn't just about ethical behavior; it's a strategic imperative for maintaining a talented and committed legal team.
The Title Doesn't Mean Anything in the Firm.
In a firm where the title holds little significance, the focus shifts towards meritocracy and performance-based recognition. Without the weight of titles dictating hierarchy, individuals are empowered to contribute based on their skills and expertise rather than their position. This fosters a more collaborative and egalitarian work environment, where ideas and contributions are valued over status. However, it also requires clear communication and transparency to ensure that everyone understands how their contributions are recognized and rewarded within the organization. Ultimately, in such a firm, success is measured by one's impact and contributions rather than by titles or rank.
The Law Firm Would Not Find Your Expertise, Skills, or Connections Elsewhere
In a scenario where a law firm cannot find expertise, skills, or connections elsewhere, it underscores the unique value proposition of the individual being addressed. Whether it's specialized legal knowledge, exceptional skills in negotiation or litigation, or invaluable professional connections, the firm recognizes the indispensable contributions that the individual brings to the table. This acknowledgment not only solidifies the individual's position within the firm but also highlights the firm's reliance on their expertise for success in their practice areas or client relationships. As a result, the individual enjoys a strong bargaining position and is likely to have greater leverage in negotiations regarding compensation, responsibilities, and career advancement within the firm.
Conclusion
In law school, all every student is usually talking about is how they will get hired in a major law firm right out of the law school and then work their way up the ladder to make partners. However, when you meet at your law school reunion 10, 15, or even 20 years later, most of your former schoolmates won't be in that position. They might still be associates, counsel, non-equity partners, or even currently searching for jobs. You might be the one that makes it. But you need to understand the game first.
The only way you need to think about increasing your partnership ranks is by securing that the cost of making you a partner outweighs the cost of not making you a partner. But, of course, you have to offer a lot of value to the law firm for them to do that.
Consider all of the above reasons why a law firm will offer someone a partnership and try to fit into any category closest to you. If you are skilled in creating work and are willing to put in hours upon hours, beat everyone else in the billing clients. If you can get close to a particular client or a senior lawyer that is a powerful partner in your law firm, make a partner through that. If you have many potential clients or new clients, you can get to your law firm, sign them in the law firm, and watch how all this generated business helps you make partners in any major law firm.
Whatever the method is that you use to get the partner title and regardless of whether you are in any of the large or smaller law firms, making a partner depends on the associate's ability to persuade everyone above you that profit sharing with you is more beneficial for the big law firm than not doing so.
Frequently Asked Questions (FAQ)
Q: What is the significance of becoming a partner in a law firm?
A: Becoming a partner in a law firm signifies a significant milestone in an attorney's career. It typically comes with increased authority, responsibility, and financial rewards. Partners have a say in firm decisions, share in the firm's profits, and often enjoy greater job security and prestige.
Q: What are the key reasons why law firms promote associates to partner status?
A: Law firms promote associates to partner status for several reasons, including their ability to generate substantial business for the firm, connections with influential partners or clients, demonstrated industriousness and persistence, the need to set a positive example within the firm, the weight of the partner title, and possessing unique expertise and skills that benefit the firm.
Q: How can I increase my chances of becoming a partner in a law firm?
A: To increase your chances of becoming a partner in a law firm, focus on developing your business generation skills, forging relationships with influential partners or clients, consistently demonstrating dedication and hard work, contributing positively to the firm's culture and morale, and honing unique expertise or skills that set you apart from your peers.
Q: What role does generating business play in achieving partnership in a law firm?
A: Generating business for the firm is often a critical factor in achieving partnership. Partnerships thrive on revenue, and associates who can bring in substantial business or demonstrate the potential to do so are more likely to be promoted to partner status. Developing a robust network, cultivating client relationships, and showcasing your ability to attract and retain clients are essential steps in this process.
Q: How important are connections with influential partners or clients in the path to partnership?
A: Connections with influential partners or clients can significantly enhance your prospects of achieving partnership. Partners who generate substantial business often have considerable influence within the firm, and their support or endorsement can carry significant weight in the partnership decision-making process. Similarly, strong relationships with key clients can demonstrate your value to the firm and increase your chances of promotion.
Q: What should I do if I'm interested in pursuing partnership in a law firm?
A: If you're interested in pursuing partnership in a law firm, focus on building your legal skills, expanding your professional network, seeking out opportunities to contribute meaningfully to the firm's success, and actively positioning yourself as a valuable asset to the firm. Additionally, seek mentorship from existing partners, stay informed about firm expectations and partnership criteria, and be proactive in seeking feedback and guidance on your path to partnership.
Q: Are there alternative paths to partnership besides business generation and client connections?
A: While business generation and client connections are common paths to partnership, there are alternative routes to achieving this milestone. Demonstrating exceptional legal expertise, leadership abilities, mentorship skills, and contributions to firm culture and community involvement can also position you as a strong candidate for partnership. Additionally, some firms may have specialized partner tracks or considerations for non-traditional paths to partnership.
Q: How can I demonstrate my industriousness and persistence in the pursuit of partnership?
A: Industriousness and persistence are essential qualities that can help you stand out as a candidate for partnership. To demonstrate these qualities, consistently take on challenging assignments, go above and beyond in your work, meet deadlines efficiently, and proactively seek opportunities to contribute to firm initiatives. Additionally, showcase your willingness to take on leadership roles, mentor junior associates, and continuously seek feedback and improvement in your professional development.
Q: What steps can I take to set a positive example within the firm and contribute to morale and employee retention?
A: Setting a positive example within the firm involves embodying the firm's values, fostering a collaborative and inclusive work environment, and actively supporting your colleagues' professional growth and success. To contribute to morale and employee retention, prioritize open communication, recognize and celebrate achievements, provide mentorship and support to junior colleagues, and advocate for initiatives that promote work-life balance and employee well-being.
Q: How can I ensure that my expertise and skills are perceived as unique and irreplaceable within the firm?
A: To ensure that your expertise and skills are perceived as unique and irreplaceable, focus on developing specialized knowledge in a niche practice area, staying abreast of industry trends and developments, and consistently delivering high-quality work that exceeds expectations. Additionally, seek out opportunities to differentiate yourself by taking on complex or high-profile cases, leading firm-wide initiatives, and becoming a recognized subject matter expert both within the firm and in the legal community at large.
Q: What are some common misconceptions about achieving partnership in a law firm?
A: One common misconception is that partnership is solely based on individual merit or legal skill. While these factors are important, achieving partnership often requires a combination of business generation, client connections, firm contributions, and strategic relationship-building. Another misconception is that partnership is guaranteed after a certain number of years at the firm. In reality, partnership decisions are highly selective and may vary based on firm culture, practice area, and individual circumstances.
Q: How can I navigate potential challenges or setbacks on the path to partnership?
A: Navigating challenges or setbacks on the path to partnership requires resilience, adaptability, and a proactive approach to problem-solving. If you encounter obstacles such as rejection or negative feedback, focus on learning from the experience, seeking constructive feedback, and identifying areas for improvement. Additionally, leverage your support network within the firm, seek mentorship from experienced partners, and remain committed to your long-term goals despite temporary setbacks.
Q: What role does firm culture play in achieving partnership, and how can I align myself with the firm's values and goals?
A: Firm culture plays a significant role in achieving partnership, as it influences factors such as collaboration, mentorship, and professional development opportunities. To align yourself with the firm's values and goals, familiarize yourself with the firm's mission statement, core values, and strategic objectives. Actively participate in firm-sponsored events, committees, and initiatives, and demonstrate a commitment to upholding the firm's standards of excellence, integrity, and client service.
Q: Are there resources or professional development opportunities available to support my journey to partnership?
A: Many law firms offer resources and professional development opportunities to support associates' paths to partnership. These may include mentorship programs, leadership training, business development workshops, and networking events. Additionally, external organizations such as bar associations, legal industry groups, and professional networking platforms can provide valuable resources, educational opportunities, and networking connections to help you advance your career and achieve your partnership goals.
See Also:
- Will Your Firm Make You Partner?
- How to Make Partner in a Law Firm: Top 10 Characteristics of Superstar Associates Who Make Partner
- Law Firm Partnership: The 10 Critical Considerations During Your Professional Journey
- Next Stop Partnership
- Now You’re a Partner: How to Think Like One
- Everything Is Negotiable
- Your Commitment Needs to Defy Explanation
