“Some firms think it’s more of a silver bullet than it is in practice, but firms who get the most out of it have a high degree of discipline in managing the non-equity tier...”
We speak with a lot of senior associates that are up for non-equity partner in a year or two. Unfortunately, many firms have a difficult time being transparent about the process or what it actually means to be a partner in the firm. Coupled with a lack of management and business development training at the associate levels, firms end up with newly elevated partners that are still effectively operating as associates and are suddenly scrambling to learn how to be a partner.
Some associates also don't realize, until we speak with them, that it's incredibly difficult to make a lateral move once you have been elevated to partnership if you don't have a portable book of business.
We counsel associates to think about what their 3-5 year career plan looks like. If partnership is important to them, why? What do they hope to gain by becoming a partner at their current firm? Is the goal to remain with the firm after making partner or to lateral once they have the title? Helping our associate candidates clearly define their career goals allows us to determine if a lateral move is right for them (sometimes it's not!), and if so, what the right position looks like.
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Partners at Paul, Weiss, Rifkind, Wharton & Garrison LLP are mulling over the possibility of adding a nonequity partner tier to retain and attract counsel-level attorneys and senior associates tempted by offers to join competitor firms’ partnerships at the nonequity level. Also under consideration is the conversion of bonuses for highly paid equity partners into shares of the firm’s profits.
Paul Weiss Could Adopt Nonequity Partner Tier in 2024 | The American Lawyer
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