How much does junior partner at top DC law firm make?
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Anonymous
| PP here. He is a first year partner, though so VERY junior. |
Anonymous
Op, my DH made the leap about 5 years ago and went to a firm that only has equity partners, so was brought in as counsel and then put up for equity partner. He was in big law before government, and knew what he was getting into when he went back. He knows more than a dozen folks who made the leap during the past 10 years, about 1/2 of which have successfully transitioned to equity partner, which is the real goal. Non equity partners/counsel might make a base salary of $250-400 and a bonus. He should negotiate a guaranteed minimum bonus for a year or two as he builds out a book of clients. He should also make sure the firm knows how to use former government folks - some firms better at it than others. He should also negotiate when he might be considered for equity partner. My DH asked to be considered within 2 years, which was how much time it took him to build up clients to a competitive level for equit partner. Bonuses when you are counsel/non equity partner depend on how much money he brings in from clients, so could be as little as $5k if he is not great at business development to $200K if he brings in $2M+. My only caution is that some firms have better finances than others to withstand the current recession. Many firms have done across the board pay cuts and deferred partner compensation. We feel very fortunate that DHs firm is more financially conservative and also doing well right now, so no plans for layoffs or pay cuts. That being said, they definitely have made a shortlist of who they are planning to cut if things change (in terms of revenue) so there are no guantees about job security if you aren’t brining in $$. Thanks for this helpful advice. I'm the OP from a few days ago asking about switching from fed gov to non-equity partner at a law firm (ranked between 60-100). Can you tell me more about the attorneys who succeeded in making the transition from fed gov to law firm equity partner? And also a bit about those who did not? (My spouse has had some unique experiences during his fed gov tenure, and was at BigLaw before going to the fed gov.) |
Anonymous
Previous PP here. It’s hard to say “ this is what works” but will offer some generalizations. First, regardless of what I hear on DCUM, the folks who made partner really enjoyed their work in big law. Maybe not every second of it, but they like the matters, the fast pace, etc. This means they like their work enough to do it a lot. My DH liked being as associate in big law, enjoyed and did well in government, and LOvES being a partner in big law. I’ve never professionally seen him happier. I think if you don’t like the work you may not put in the long hours and extra work needed to make it to being a partner. Second, you have to be self-motivated. When you join a firm, they will introduce you around to get you integrated and they may give you some billable work, but you need to immediately start thinking about getting your own work, calling your contacts, leveraging your professional networks, reaching out to partners to remind them you are there if their clients need additional services, etc, to drum up your own work. No one will tell you to do this, or give you much direction. Although some firms are better at checking in on new hires, most partners are super busy and aren’t thinking about you, and associates are not thinking about you at all and also don’t have work to hand out. Similarly, you need to get your name out, and it is all on you to do that. You have to be good with people and clients. My DH is great with people, very good EQ. Clients don’t hire you because they think you are they smartest lawyer, it’s because they like you and trust you. Then you have to have great customer service because once you get a foot in the door you want to grow the number of services you can offer clients. They won’t do that if they feel lukewarm about you. You have to have a vision for your practice and how you will grow that. There are lots of models - some folks have lots of small matters and constantly drum up business, some have one or two large clients, some have a very narrow speciality they are really well known for, etc. This should have come up in the interview, as most firms will ask about your business plan and make sure your practice fits in with their model the the strength and gaps in the group. You have to have a good support system at home. Depending on what your DH does for the government he might already travel a lot, but my DH did not, and then suddenly he was traveling a lot to meet clients and do presentations. He works lots of hours, and even now when we are both home with the pandemic, he is only “on” with the kids on weekdays from 7-8:30 am and then 7-8 pm for bedtime. It’s a lot for the other spouse to adjust to, especially if you aren’t primarily making the move to big law for the money (which we were not) and if the spouse works and there are kids. GL if your DH decides to move back to private practice. |