Partnership Decisions

From Biglaw to Boutique: Come On Along, or Go Alone

By

Tom Wallerstein

I was talking to a friend who is a junior partner in a large firm, and who is thinking of starting her own firm. She knew what practice area she would focus on, and she had at least one client who she felt sure would go with her. But she still had two critical questions to resolve. First, she wasn’t sure if she wanted to open a solo practice, or if she would try to recruit someone to form a partnership. Second, she wasn’t sure if she would form a “virtual” office, or try to start a traditional “brick and mortar” shop.

With regard to her “solo versus group” decision, we talked about the differences in tax treatment, liability exposure, etc. But I offered her my opinion that another important consideration is the practical, day-to-day differences between running your own shop and being in a partnership….

double red triangle arrows Continue reading “From Biglaw to Boutique: Come On Along, or Go Alone”

25 Comments

Inside Straight: 360-Degree Reviews

By

360-degree reviews: We solicit anonymous input from your boss, your peers, and your subordinates. A reviewer goes through all of that information, discusses it with you, and, perhaps, shares with you documents containing parts or all of the anonymous responses.

These are remarkably helpful tools. They’re helpful, first, because you know that they’re coming. If you’re going to be evaluated by everyone in the neighborhood, then you’re more likely to be civilized and fair to everyone in the neighborhood. (“Civilized and fair” doesn’t mean “easy” or “letting others break the rules.” It means “civilized and fair.” If someone’s performance needs improving, you talk reasonably with that person about his or her weaknesses and how to improve. You don’t belittle people or scream at them, because incivility will surely come back to haunt you at 360-degree review time, and you know that 360-degree review time is lurking in your future.)

360-degree reviews are helpful because you critique others. It’s relatively easy — or, at least, routine — to be asked to critique folks situated beneath you in a hierarchy. But it’s a little different to be asked to critique folks who are situated horizontally or above you. When you’re asked to critique those people formally, it makes you think a little harder: What are those people doing right? What are they doing wrong? What information should they hear about their performance?

double red triangle arrows Continue reading “Inside Straight: 360-Degree Reviews”

29 Comments

A Look at New Partner Classes at Ten Top Firms (and an Open Thread)

By

Partnership: the proverbial brass ring.

‘Tis the season — for new partner elections at large law firms. Although there are some exceptions, most firms pick and announce their new partner classes around November and December, with partnership effective on January 1 of the following year.

These partnership announcements sometimes contain interesting information, if you read between the lines. As we’ve previously observed, “Partnership decisions often shed light on the current state of a firm, its prospects for the future, and its priorities. How many new partners did a firm make? How does the number of new partners this year compare to past years? In which practice areas did it make new partners? How many of the new partners are women or minorities?”

After the jump, we look at new partner news from ten top firms — perhaps you know some of these law firm superstars (and soon-to-be millionaires)? — and we invite you to discuss the new partners at your firm….

double red triangle arrows Continue reading “A Look at New Partner Classes at Ten Top Firms (and an Open Thread)”

55 Comments
Page 2 of 212