Which is Best for Your Legal Career — Big Law Firm Partner or Associate?

 

SUMMARY

This article looks at the differences between being an associate or partner in a law firm. Associates can expect a certain amount of money, are secure as long as they stay busy, the firm is doing well, and have an easier time making lateral moves with excellent credentials. On the other hand, partners face pressure to keep clients happy while meeting the firm’s demands, have to train and mentor associates, and can feel trapped in their position. The article ends by suggesting a law recruitment firm can help you find opportunities in firms you didn’t know were available. It all comes down to what is best for your career and quality of life.
 

QUESTIONS ANSWERED IN THIS ARTICLE

 

• What is the responsibility of a partner in a law firm?
  A partner's responsibility is to balance the billing demands of management and clients while also training and mentoring associates.
   
• What challenges do partners face when dealing with long-term clients?
  Partners can face the challenge of having to refrain from billing a long-term client the entire amount due to their cost-consciousness, lest they risk losing them as a client.
   
• What is one benefit of being an associate in a law firm?
  An advantage of being an associate is that you only have to worry about your assigned tasks rather than having to balance the billing demands of management and clients.
   
• What can make a partner feel "handcuffed" to their firm?
  Partners can feel trapped because they must maintain a certain lifestyle, which limits their ability to take risks or pursue other professional paths.
   
• What are the differences between being an associate and a partner?
  Associates typically have more secure positions as long as they meet their billing requirements, while partners may feel limited by their lifestyle and the need to maintain certain client relationships. Additionally, associates often find it easier to make lateral career moves.

 
Have you started your legal career with the goal of making partner? Most law school graduates dream of being offered a partnership in a biglaw firm. And it is easy to assume that becoming an equity partner would signal that you have made it big in the legal industry. But does a partner indeed have a better law career than an associate? Is making the partnership the best goal in the legal profession? The answer to these questions may surprise you.

In this article, you will find out what is involved in being an equity partner in a big law firm. This information will help you set the right goals to ensure you enjoy your work in the legal industry. It will also prevent you from burning out too quickly and abandoning your professional career as an attorney.

In biglaw firms, the role of a partner has changed over the years. Senior partners are expected to generate plenty of business and understand the economics of running a successful law firm. Therefore, the reality of being a partner at a major law firm is a job that comes with it stress, pressure, and a constant push to do more. Law schools rarely give law students the skills needed to make partner in a big law firm.
In my experience, the average well-educated first-year associate has more self-esteem than most partners. So what happens with attorneys that affect their self-worth so much? This article discusses the challenges partners face in large law firms.
 

Law Firm Partner vs. Associate

Partners and associates are lawyers in law firms. While both do a similar job, the positions have significant differences. Typically, associates have a less senior role in the firm and report directly to partners. On the other hand, partners also do the work of lawyers, but they have additional responsibilities.

What is a law firm partner?

A law firm partner is a lawyer who has partial ownership of the firm. These attorneys are sometimes referred to as equity partners. These lawyers meet with clients, deal with court cases, and do other legal work. However, they also have a role in running the company and generating more business.

How much does a partner at a law firm make?

One of the major differences between law firm partners and associates is the salary. According to data, partners in big law firms typically make between $186,067 and $269,225. This is an overall average of $223,200 annually. Therefore, it is easy to see why first-year associates want to make partner.

What is a law firm associate?

Associates at a law practice are typically newer attorneys with less experience than partners. At a typical law firm, the associates do most of the work. They usually have specific practice areas, interview clients, organize evidence, prepare cases and report directly to partners.

How much does a law firm associate make?

As you would expect, an associate takes home a lower salary than a partner. The typical salary range of an associate is between $75,580 and $102,554, which averages at $88,659. However, an associate’s salary depends on their expertise, skill, practice area, and law firm size.
 

What is a Partnership Track?

The partnership track is where an associate moves into the partner role. In many firms, it takes between seven and ten years to make partner. Typically, the largest firms have a set, usually inflexible partnership track. This may be more flexible in smaller firms, and associates can “make partner” in a shorter time.
So you may be thinking—if partners make the most money and have a share of the firm, why would anyone want to pass up the opportunity of making in the partner track? Please read on to discover why partnership may not be the best career goal.
 

12 Reasons Why a Law Firm Associate Enjoys a Better Career Than a Partner

Although partners typically make twice as much as younger associates, it comes at a price. Partners face tremendous pressure to keep increasing their business year after year. There is also less transparency with being a partner regarding financial compensation, personal and professional advancement, and getting fired. These factors create levels of stress most associates never experience.
Unfortunately, many graduate lawyers need to prepare for what it means to be a partner.
Here are 12 factors equity partners face that associates avoid. Of course, many attorneys rise to the challenge and love their job title of senior partner. However, some lawyers find it less stressful and more rewarding to remain in an associate role.

1. Partners are under more pressure to bill hours

• One of the biggest stress factors for equity and non-equity partners is the expected amount of billable hours. The pressure to get work is endless. Unfortunately, one year of low hours could mean a partner loses their job. And it doesn’t matter where the work comes from—a partner must have a ton of work. For example, it is common for partners to bill over 2,500 hours annually.
  A precarious situation arises for partners that associates never face. For example, suppose a partner needs more work to increase the billable time. In that case, they could get work from other attorneys in the firm. However, it’s not a good situation where a partner has to rely on other colleagues for work.
  On the other hand, associates rarely face this type of pressure. They typically get work from partners and have lower hourly rates. This usually means that associate lawyers have less stress.

2. Partners must generate new business

• Generating more business is an endless source of pressure for senior partners. To be successful, a partner needs one of two qualities. Either they are talented practitioners or never-ending salespersons. They know that they cannot rely on others for business.
  A new partner in any law firm usually spends a few hours daily cold-calling potential clients to generate business. If they fail to get these clients, they start a cycle of dependence on others for work. This results in employment insecurity, lower income, and difficulty billing enough hours to keep the management happy.
  Once partners get enough business, they are under pressure to maintain it and generate more. So, for example, if their business drops significantly—and it can be through no fault of their own—they are under enormous pressure to reverse the downturn. It is good to remember that an associate is not under pressure to develop new business continually. Therefore, they usually enjoy better employment security.

3. Law firm partners help associates generate work

• Each partner in a law firm has responsibilities to generate business for others. These responsibilities could involve business development, working to prepare proposals, or pitching to various potential clients. The problem is that these assignments take partners away from their most important responsibility—bill hours and making a profit for the firm.

4. Partner careers depend on giving others work

• One of the things they do not teach in law school about partnerships is that you must give work to others. Often, management evaluates a partner’s value based on the amount of work they generate for others. They must keep clients close and loyal and counsel associates or other partners.
  For example, an associate may have been hired to work with a specific partner. In this case, one of the partner’s key responsibilities is to keep the associate busy and ensure excellent productivity.

5. Law firms can cut a partner’s compensation

• A significant difference between partners and associates is the level of pay. However, it may surprise many young lawyers that an associate’s pay can be more stable than senior lawyers in a law firm partnership role. In many cases, financial compensation is a bone of contention with many partners.
  Here is an all-to-common scenario. A partner may have an excellent year with a record number of billable hours. However, the law firm may decide to pay them the same as the previous year. This situation often leads to stress, resentment, and uncertainty.

6. Big law firms expect partners to recruit and maintain the best associates

• Partners take an active role in the recruitment of new attorneys. Unfortunately, many senior partners don’t have experience in training or interview skills. Additionally, they cannot bill for traveling to law schools, interviewing candidates, and attending summer. Also, partners tend to be ill-equipped for the hiring process.
  Hiring is one of the tasks an associate attorney will never have to do.

7. Partners are under pressure to find new clients

• Partners have the unique challenge of managing conflicts of interest between clients in the legal industry. Many of the largest law firms spend decades developing relationships with large clients. This situation may limit the type of client a senior lawyer can bring to the firm.
  Sometimes a firm will drop a client in favor of another due to a conflict of interest. Now, suppose the client being dropped is your client. In that case, you are under tremendous pressure to replace the client with another one that is just as profitable.

8. Partners must look after their reputation in the community

• Law firm associates rarely have to worry about keeping up appearances in the community. However, equity partners must look good outside of the office. Many of the activities they are expected to participate in are non-work related events.

What is expected of a lawyer in a law firm after making partner? Here are a few examples:

• Volunteer to be on various committees
• Take part in local charity or corporate events
• Assume leadership roles outside of work
• Speak at bar conventions
• Show up at a networking event
• Be visible in the local community

Unfortunately, an attorney’s private life may cost them their job if a scandal spills over into their public life. Many large firms value their reputation above loyalty to employees. And an attorney could lose their position if some misdemeanor becomes public knowledge and threatens the firm’s reputation.

9. Pressure to become and stay an equity partner

• Most of the largest legal firms have a clear-cut partnership path where senior associates “make partner” within ten years. If someone isn’t making the grade, they risk losing their position in the firm. However, equity partners are under constant pressure to remain so. As a result, most are only one or two bad years away from being demoted to a “non-equity partner” status.
  In many law firms, there is tremendous pressure for a non-equity partner to become an equity partner. Unfortunately, this means that the non-equity partner must develop more business to avoid being shown the door. Again, associate lawyers avoid this kind of pressure.

10. A partner must balance the billing demands of management and clients

• A partner is in the unenviable situation of keeping long-term clients happy with low costs but meeting the demands of management to raise billing rates. Most corporate clients are cost-conscious, and cutting legal fees is always on their minds. Therefore, a partner may be forced to refrain from billing a long-term client the full amount because they risk losing them.
  However, this may appear to the firm that the lawyer isn’t working hard enough. Or a lawyer may be forced to “overwork work” cases just to get extra fees for the firm. In the end, this can severely impact the partner-client relationship.
  On the other hand, an associate only has to worry about their assigned tasks.

11. Training and mentoring associates is a partner’s responsibility

• One of the challenges of holding a top position in a law firm is that you must train and mentor others. This means that after practicing law for decades, you may have to participate in mentoring schemes or career development programs for junior staff.
  While it is good that experienced attorney shares their expertise with junior staff, talking to them about basic law concepts can get tedious. In addition, attending meaningful events can be frustrating when you would prefer to focus on working and developing new businesses.

12. Partners can feel handcuffed to the firm

• Feeling trapped is one of the most serious issues affecting an attorney in a partnership position. This can severely limit your career or desire to take a different professional path. The reason is that the more money a lawyer makes, the more their lifestyle grows. Therefore, this situation forces the lawyer to earn enough money to maintain the lifestyle.
  The lawyer is then limited to the number of risks they can take. After all, they have their image, spouse, and children to think about. And the result is that they feel trapped in the firm without any way out.
  However, associates are still facing this dilemma. Instead, they tend to find it easier to make career choices to improve their quality of life—something that revolves around more than making partner or more money.
   

Law Firm Associate or Partner — Which is Best?

Significant differences exist in the quality of life an associate and partner can enjoy. Typically, the rules affecting associates regarding compensation and professional advancement are clear, unlike with partners.
Here are three key takeaways from this article:

• An associate in a certain class year, billing a certain number of hours, can expect a certain amount of money.
• An associate’s position is secure as long as they are busy and the firm is doing well.
• An associate will find making a lateral move easier if they are in an active practice area and have excellent credentials.

Regardless of where you are in your biglaw career, finding a legal mentor is a valuable way to look beyond your current circumstances. Additionally, a law recruitment firm can help you discover opportunities in law firms that you didn’t know were available. 

 

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