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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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.)[/quote]

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. [/quote]

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.[/quote]

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.[/quote]

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.[/quote]

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