I like talking about partner compensation so much, I wrote a three-partseries on the topic. It was nice to hear from Jeffrey Lowe, the Global Practice Leader of Major, Lindsey & Africa’s Law Firm Practice Group and the brains behind the MLA partner compensation survey, who graciously expressed both his enjoyment of my treatment regarding the survey results and an invitation to contact him directly with follow-up questions.
In response, I proposed a written email interview, which you can read below. Thanks again to Jeffrey for his yeoman’s work on the survey, and his willingness to offer some additional commentary on the always scintillating subject of partner pay….
Is being a partner that different from being an associate? Contrary to popular belief, becoming a law firm partner is not a path to instant riches. In the early years, your compensation might not be that much higher than it was when you were an associate or counsel. Your taxes might go up, you might have to pay for your own health insurance and other benefits, and you might have to buy into the partnership. Sure, you might be able to borrow the capital contribution from a bank — but remember, you’re liable on that loan, and the bank might pursue you if it doesn’t get repaid.
Our partner readers sometimes complain about the stereotype that they’re all fat cats. As one of them recently wrote, “[Please don't write] about being admitted to partnership and instantly becoming rich…. At virtually every firm, you become a partner and then start to hope that, over the course of a career, your income will increase to ‘average partner income’ and your hours will decrease to ‘average partner hours.’ Rainmakers reach that goal quickly, but many partners — perhaps a majority in most firms — spend a lifetime waiting for, and never reaching, those goals.”
Of course, that’s the subjective experience of one reader. What does the big picture show? There’s a new report out about partner pay that contains lots of interesting information….
I like it when the artifice drops and Biglaw is shown to be dominated by greed. I don’t necessarily use the word “greed” pejoratively. I like money, you like money, and if somebody offered you more money to do what you are doing already, you’d take it.
I just like it when people can admit that the only thing they care about is money. It just makes things more efficient. What do you want? More money! When do you want it? Now!
Associates get a lot of flack for being unabashedly greedy, but an excellent report in today’s Wall Street Journal illustrates that Biglaw partners are just as obsessed with money has anybody else.
And the only problem is that the partners losing out on the money grab are kind of pissed….
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When Chintan Panchal decided to leave a global BigLaw partnership to start his own firm, he could only hope that he would face the high-quality problem of firm building that many had cautioned him about. Focused on the uncertainty surrounding of a new firm launch, he decided to tackle staffing needs, IT challenges, and financial planning requirements after he had built up his legal practice.
Panchal Associates LLP–a corporate/finance and outside general counsel boutique–was quickly off to a great start. Clients and matters were flying in the door, and Chintan soon had a team of lawyers and staff with a variety of operational needs. To continue building an excellent team and provide them with a competitive benefits package, to expand his physical presence to include a European practice and additional partners, and to scale his operations and IT capabilities to support this growing enterprise brought with it demands of time, money, and expertise. Chintan knew he needed help.
“With the assistance of NexFirm, we have upgraded the capabilities of our firm to meet, and in some cases exceed, the standards we were used to at our former BigLaw firms. Operationally, we can now attract and service clients we didn’t have the bandwidth to support in the past, and continue to build our team with the best and brightest legal talent in the industry,” said Chintan Panchal, adding “It has worked out quite well in our case; NexFirm is an essential partner for us.”
The holiday season is upon us, and yet again, you have no idea what to get for the fickle lawyer in your life. We’re here to help. Even if your bonus check hasn’t arrived yet, any one of the gifts we’ve highlighted here could be a worthy substitute until your employer decides to make it rain.
We’ve got an eclectic selection for you to choose from, so settle in by that stack of documents yet to be reviewed and dig in…
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