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Reply to "Biglaw Counsel or Of counsel positions"
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[quote=Anonymous]Varies a lot by firm. I would say most firms traditionally reserved counsel positions for SMEs that were valuable, more so than a generic senior associate, but didn’t have the aptitude or ambition for partner. Closely related: government laterals with expertise but no clients or record of building a practice. It was NOT a path to partner, and was a very different role. You were trusted to do and manage work, but no relationship obligations. I think at many firms that has changed some the last 5 years or so. As senior EPs are hanging on longer and longer, associate comp and bonuses have gone through the roof, counsel (like IP) has become a weigh station where firms can give you some status, nominally more money (though post bonuses and taking into account insurance and such, that’s questionable), and ask you to deliver for 3-10 years without really getting paid (equity). [/quote]
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