Anonymous
Post 11/23/2017 22:31     Subject: Just found out I made partner in biglaw
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?


Sounds like OP made income partner, not equity partner (like his rainmaker sponsor). If this is the case, OP may be able to make equity partner if he brings in $1.5-$2M a year in billings. Regardless, lots of networking and rainmaking ahead.
Anonymous
Post 11/23/2017 22:17     Subject: Just found out I made partner in biglaw
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.
Anonymous
Post 11/23/2017 18:21     Subject: Just found out I made partner in biglaw
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?
Anonymous
Post 11/23/2017 18:09     Subject: Just found out I made partner in biglaw
Congrats!

How much will you make next year due to the new equity?
Anonymous
Post 11/23/2017 18:05     Subject: Just found out I made partner in biglaw
If you won't make more money, what is the advantage?
Anonymous
Post 11/23/2017 17:43     Subject: Just found out I made partner in biglaw
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.
Anonymous
Post 11/23/2017 16:19     Subject: Just found out I made partner in biglaw
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.
Anonymous
Post 11/23/2017 15:39     Subject: Just found out I made partner in biglaw
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.)
Anonymous
Post 11/23/2017 15:24     Subject: Just found out I made partner in biglaw
Anonymous wrote:I went to a lower tier 1 state flagship law school and didn’t take it seriously so wound up with a gpa around the median, although I did write on to law review. I graduated summa from the same university’s undergraduate program.

So my credentials didn’t help me one bit. It was all professional experience. I am in a practice area that is somewhat specialized.


Woot woot way to go!
Anonymous
Post 11/23/2017 15:06     Subject: Just found out I made partner in biglaw
Anonymous wrote:Thanks for the congrats! I'm definitely thankful.

My billable hour requirement goes down, but only by 100 hours/yr (from 1950 to 1850). This is to account for business development activities.

I think I need to also have a business plan each year. I am going to be a service partner for the foreseeable future - the partner who put me up is a major rainmaker, and I will hopefully inherit some clients when he winds down.


Since this is the case, you are golden. Well done! You have a wonderful career ahead of you. You sound like a good person, please stay that way, be thankful and humble.
Anonymous
Post 11/23/2017 14:55     Subject: Just found out I made partner in biglaw
Best year ever OP Congrtas!!!!!!!!
Anonymous
Post 11/23/2017 14:36     Subject: Just found out I made partner in biglaw
Also, thanks for the congrats, everyone! Happy Thanksgiving to all.
Anonymous
Post 11/23/2017 14:35     Subject: Just found out I made partner in biglaw
I went to a lower tier 1 state flagship law school and didn’t take it seriously so wound up with a gpa around the median, although I did write on to law review. I graduated summa from the same university’s undergraduate program.

So my credentials didn’t help me one bit. It was all professional experience. I am in a practice area that is somewhat specialized.
Anonymous
Post 11/23/2017 14:25     Subject: Just found out I made partner in biglaw
Where did you go to law school and what were your credentials when you graduated? Do you think those credentials had sway when making partner compared to your actual professional achievement?
Anonymous
Post 11/23/2017 12:52     Subject: Just found out I made partner in biglaw
Congrats!