February 07, 2012
This week, Lateral Link Director Tricia McGrath shares the inside scoop on what fifth years need to do to make sure they stay on track to become partner and avoid the pitfalls that come with being passed over continually.
Law firm economics changed substantially over the past decade. Law firms now run like “businesses,” in corporate America parlance. In the last few years, many associates at top firms who 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...
September 27, 2011
Students are concerned about hours. So are firms. You will hear anecdotes and twice told tales about monstrous hours. You will hear that Smith & Jones is a sweatshop, but that Arnold and Baker is a laid back place. Most lawyers are hard working by nature and will work hard no matter where they practice. You will work many hours beyond client hours to manage the practice, be trained and to train others, stay current in your field, market, and manage the firm.
The differences among firms’ expectations have never been as great as students believe (and hope). In the wake of the 2000 and 2007 compensation avalanches, expectations on chargeable hours changed forever. Do not assume that size has a direct relationship to chargeable hours. And, do not assume that third hand hearsay about “kinder, gentler” firm ABC has any bearing today...