Law.com reports this month that at many firms partnership is a longer process than it used to be, and that firms are also using detours more often, perhaps driven by attorney preference. Andrew Maloney writes:
"The path to Big Law partnership is getting longer, analysts and new survey data suggest, as firms balance a slew of trends that make the “brass ring” of the legal industry tougher to track down.
A plurality of recently elevated partners in a new American Lawyer survey say the partner track at their firm has gotten longer in the last few years.
Meanwhile, legal industry experts also say firms are using detours, such as counsel and nonequity roles, more often. Sometimes it’s because firms are going out of their way to protect their equity ranks, or because it’s difficult for first-year partners to keep up at incredibly profitable firms.
Other times, though, it’s because of an evolution in thinking about the role.
A “vast majority” of associates don’t aspire to make partner at their firms, but some welcome a slower-paced alternative to the traditional partner track that still provides good job security."
The legal landscape is constantly changing — from consolidation, to a shortage in talent, to COVID-19 fallout, to Big Law targeting secondary markets, it's a full time job just to keep up. At Compass Law Group we are talking daily to attorneys and managing partners across the country, to keep a pulse on important trends. If you would like to speak with one of our consultants, please feel free to reach out today.
For the whole article from the American Lawyer, click here.