Just found out I made partner in biglaw

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Since this an AMA and I realized that, while I know "made partner" is big deal, I don't know why:

What does making partner really mean?

(Don't worry neither DH or I are lawyers.)

You get a cut of the profits of the firm. It’s the difference between making a few hundred grand and making a million or more.

Well, OP is likely a long way from making a million or more. If she never develops a book of business, she may never come anywhere close to that. Biglaw can mean lots of different things and there is a huge difference between a V10 firm and V100 or V200 in terms of compensation. It is unclear where OP made partner and some places are more eat what you kill than others.

Can you explain this more? Do all partners get an equal cut, so if the firm has 10 partners and made $10 million in profits, then they each get $1 million? Or is it scaled based on the business they brought in or something like that?

Seems to me a new partner could freeload for a while and get big bonuses, until the other partners notice and they get kicked out.

It is not an equal split. It varies by firm but the key metrics are business generation, hours billed, and seniority. At most firms these days, business generation is the main factor, but a few of the very biggest/best firms are still mostly lockstep based on seniority.

Therefore, the top earning partner will make many multiples of what the lowest earning partner makes - easily 3-4x and at some places it could be 20x, especially if the firm has non-equity/income partners and they are included in the calculation.

[Anonymous]

Anonymous wrote:Did you make equity partner or are you an income partner?

What do you think set you apart?

If you had done everything the same, but had not gotten in good with a rainmaker, do you think you would have still made partner?

OP here. Equity, but a very small (10%) equity component. I think the two reasons I made partner are (1) unique skillset and (2) the rainmaker - so I don't think I would have made it had I not gotten in with him.

To answer some of the other questions, I expect my comp will be low 300s next year - I am at a firm ranked in the 50s-60s by Vault, and we do not pay associates lockstep (but do pay "market" to first year associates). There are fairly senior partners in my group with little or no business, and they will never make $1 million, and are likely topped out either in the high 300s or 400s. Not a bad outcome by any means, but in order to make serious money you have to bring in business.

[Anonymous]

Anonymous wrote:If you won't make more money, what is the advantage?

It's significantly more money in the long run. In addition, they don't generally let people hang around as 20-year associates. Some are named "of counsel," but generally if you don't make partner you get fired. So making partner means you get to not lose your job.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Did you make equity partner or are you an income partner?

What do you think set you apart?

If you had done everything the same, but had not gotten in good with a rainmaker, do you think you would have still made partner?

OP here. Equity, but a very small (10%) equity component. I think the two reasons I made partner are (1) unique skillset and (2) the rainmaker - so I don't think I would have made it had I not gotten in with him.

To answer some of the other questions, I expect my comp will be low 300s next year - I am at a firm ranked in the 50s-60s by Vault, and we do not pay associates lockstep (but do pay "market" to first year associates). There are fairly senior partners in my group with little or no business, and they will never make $1 million, and are likely topped out either in the high 300s or 400s. Not a bad outcome by any means, but in order to make serious money you have to bring in business.

So are you allowed to see the books and have them looked over by a financial expert before you accept? How much do you have to “put” into the firm and what is your rate of return?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Did you make equity partner or are you an income partner?

What do you think set you apart?

If you had done everything the same, but had not gotten in good with a rainmaker, do you think you would have still made partner?

OP here. Equity, but a very small (10%) equity component. I think the two reasons I made partner are (1) unique skillset and (2) the rainmaker - so I don't think I would have made it had I not gotten in with him.

To answer some of the other questions, I expect my comp will be low 300s next year - I am at a firm ranked in the 50s-60s by Vault, and we do not pay associates lockstep (but do pay "market" to first year associates). There are fairly senior partners in my group with little or no business, and they will never make $1 million, and are likely topped out either in the high 300s or 400s. Not a bad outcome by any means, but in order to make serious money you have to bring in business.

So are you allowed to see the books and have them looked over by a financial expert before you accept? How much do you have to “put” into the firm and what is your rate of return?

Not sure, but I have to imagine I'd be able to look at the finances before entering into the partnership agreement. Not sure yet what my buy-in will be. I will find that out, I believe, at the end of the year.

[Anonymous]

Congratulations! I vividly remember walking into the parters' meeting the day it became official. So strange to see all these colleagues stand and applaud. Very humbling. Savor the moment.

[Anonymous]

Congratulations OP. That's a long road, filled with roadblocks, potholes, and detours. Well done, and I hope you enjoyed a nice Thanksgiving.

Now, get back to billing.

[Anonymous]

Anonymous wrote:Congratulations! I vividly remember walking into the parters' meeting the day it became official. So strange to see all these colleagues stand and applaud. Very humbling. Savor the moment.

OP here. I understand this is the way it works at my firm as well. It will be a surreal experience for me!

[Anonymous]

Op, sorry to sound harsh but you sound like a total loser. On Thanksgiving day, you are GLOATING on an anonymous board that you made partner! Go to your family.

[Anonymous]

Op sounds thankful, not gloating. Those bitter types sure are an energy suck. Op Congrats!!!

[Anonymous]

Anonymous wrote:Congratulations! I vividly remember walking into the parters' meeting the day it became official. So strange to see all these colleagues stand and applaud. Very humbling. Savor the moment.

Tell me more about these all partner meetings. Do you guys sit back and talk sh!t about the associates or is it all business?

OP, are other partners now openly telling you the inside dirt on the firm?

[Anonymous]

Anonymous wrote:Op, sorry to sound harsh but you sound like a total loser. On Thanksgiving day, you are GLOATING on an anonymous board that you made partner! Go to your family.

Surprising it took four days for a jealous hater to chime in.

[Anonymous]

How far can you p u n t a football?

[Anonymous]

Anonymous wrote:Op, sorry to sound harsh but you sound like a total loser. On Thanksgiving day, you are GLOATING on an anonymous board that you made partner! Go to your family.

A singleminded, all work personality like that is why the senior partner selected OP to grind away for relative peanuts, freeing up the senior partner to enjoy his life.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Did you make equity partner or are you an income partner?

What do you think set you apart?

If you had done everything the same, but had not gotten in good with a rainmaker, do you think you would have still made partner?

OP here. Equity, but a very small (10%) equity component. I think the two reasons I made partner are (1) unique skillset and (2) the rainmaker - so I don't think I would have made it had I not gotten in with him.

To answer some of the other questions, I expect my comp will be low 300s next year - I am at a firm ranked in the 50s-60s by Vault, and we do not pay associates lockstep (but do pay "market" to first year associates). There are fairly senior partners in my group with little or no business, and they will never make $1 million, and are likely topped out either in the high 300s or 400s. Not a bad outcome by any means, but in order to make serious money you have to bring in business.

Interesting - A V50-60 firm that doesn't necessarily pay market after first year and service partners who top out in the 300s or 400s. I would have expected the partner comp to be higher than that (but below $1M isn't a surprise to me) and most firms ranked that highly don't seem to have variable associate comp, although some don't match the Cravaths of the world for more senior associate comp.

Quite an accomplishment, but this really puts a premium, even more than some other places, to make sure that you develop a book of business. (On the flip side, if they are willing to keep a number of service partners rather than pushing you out, 3-400s is still a real living.)