Ask the Experts: For Fifth-Year Associates, It's Decision Time
[This article was written by Tricia McGrath. Tricia is a Director in Lateral Link's New York office.]
Law firm economics have changed substantially over the past decade. Law firms are now run like "businesses," in corporate America parlance. This year, many associates at top firms who had thought that they were "on track" for partnership were unexpectedly passed over. Unfortunately, market conditions suggest that many more will be passed over in future years.
As a recruiter, I frequently speak with senior associates who were on the wrong side of partnership decisions and, as a result, realized the "out" side of the firm's up-and-out policy. Many of these overlooked associates are now wondering how the train went off the track so quickly. Don't the years of solid billables and strong reviews account for anything? For most of these associates, their best-case scenarios are a new position at another big law firm with a three-year partner look--often going in to their new firm as a fifth- or sixth-year--or an in-house position at (in most cases) significantly less compensation. Often, neither of these options is particularly attractive.
How can you protect yourself from becoming a senior associate who has been passed over, has no business, and has limited job prospects? It is not difficult, but you should take action early. As a fifth-year associate, you should take critical stock of your career and your location on the partner track. Admittedly, there is a certain intangible required for making partner that is not easily explained. An honest assessment will help you handicap your chances at partnership more effectively. None of these factors is rocket science, but it is surprising how few fifth-year associates have thoughtfully analyzed them.
More after the jump.
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