Quote:
Originally Posted by Unregistered
Precisely. I see so many forum posters here keep talking about partnership this, partnership that, how much do I earn as a partner, oh Big 4 partnership is not prestigious only MC is, blah blah blah. Like as though its a given or an entitlement.
Without even the slightest idea what that entails. Partnership is essentially sales. You are selling yourself, your skills, and that of your team and your firm.
If you don't make sales, you won't make (equity) partner. Sure if you stay in Big 4, you will become a junior salaried partner, which is the equivalent of a senior senior associate.
In the US firms, if you're not on the partnership track, you're "of counsel". They don't waste time keeping unproductive people around as partners.
Most people don't make partner because they can't sell. With the way some lawyers talk, its so insufferable I'm not surprised. They are only socially adept at talking to other lawyers and piss business people or the clients off. Its the good ones who can talk to the clients well that hang around for the long term.
The way people here talk, I'd bet half of them are probably students or NQ with absolutely NO idea about law firm economics.
|
And I might add, most US firm associates don’t make even of counsel. Of counsel is an honour accorded only to the technically oustanding associates without a book of business. Of counsel make in excess of USD700k per year or more (depending on seniority), and don’t face billing pressure (though they still do BD, their butts aren’t on the line at the end of the fiscal year. Those who don’t make of counsel are either asked to take their last drawn pay (US$440k per year including bonuses) or leave.
That said, exit opportunities for US end of ladder associates are pretty good.
Life in US firms can be brutal, but all in all very rewarding. I’d do it all over again though, given the superior risk reward profile it offers over local firms.