Law firms now demoting partners .

[Anonymous]

This is an interesting read to say the least . Fellow DCUMers What are you thoughts ?

http://www.wsj.com/articles/law-firms-demote-partners-as-pressure-mounts-over-profits-1476137818?mod=e2fb

[Anonymous]

I recall this happening during the great recession. Seems like it was happening on a stealth basis even before that.

[Anonymous]

Duh.

Sincerely,

Senior associate with no interest in making partner

[Anonymous]

This is really disconcerting in the sense that there's no really no incentive nowadays to want to rise to the top of your field.

[Anonymous]

Do the partners get their buy-in back?

[Anonymous]

Anonymous wrote:Do the partners get their buy-in back?

The article mentions no such thing , at least if I read correctly

[Anonymous]

Anonymous wrote:

Anonymous wrote:Do the partners get their buy-in back?

The article mentions no such thing , at least if I read correctly

It didn't. I was curious if any attorneys on this board knew.

[Anonymous]

The world's bleakest profession keeps getting worse. Millenials: help change the business model.

[Anonymous]

As a counsel w $500k book and 2000 billables I say about time. I hate the 65YO billing 1400 with no book and making $800k.

[Anonymous]

This is not new. And yes, if it's really to non-equity they will get their capital back. There are some firms with partial equity tiers where they might only get a portion of capital back now.

[Anonymous]

Anonymous wrote:As a counsel w $500k book and 2000 billables I say about time. I hate the 65YO billing 1400 with no book and making $800k.

+1.

[Anonymous]

Anonymous wrote:The world's bleakest profession keeps getting worse. Millenials: help change the business model.

The law is no longer an elite profession. It's been this way since wayyyyyy before the Great Recession. - biglaw attorney who has seen the catastrophic fall from grace

[Anonymous]

Thank you! I've never worked at a law firm where it didn't seem like certain partners were on the welfare roll. It was mind boggling. What's also mind boggling is how many people make partner just for putting in the time...that shouldn't be the way it works. Not every associate should make partner.

[Anonymous]

Anonymous wrote:Thank you! I've never worked at a law firm where it didn't seem like certain partners were on the welfare roll. It was mind boggling. What's also mind boggling is how many people make partner just for putting in the time...that shouldn't be the way it works. Not every associate should make partner.

You clearly have zero concept of how law firms operate

[Anonymous]

Anonymous wrote:As a counsel w $500k book and 2000 billables I say about time. I hate the 65YO billing 1400 with no book and making $800k.

Ha. 500k isn't much and your clients could go elsewhere overnight. And 2000 billables? While you're looking at the 65 year old, I'm billing 2500+ and wondering why you are still employed.

By the way, if partners' heads are rolling, yours won't be far behind.

--Senior associate