In far too many law firms, the path to partnership is unclear and unspoken. For many, it’s a matter of time served, coupled with the fact that the would-be partner has done a reasonably good job meeting minimum billable hour and/or collections requirements (most of the time anyway) and hasn’t pissed off too many partners along the way.
We think there’s much more to it than that. We also think that the path to partnership and the criteria to achieve (and maintain) status as an equity partner should be clear and in writing.
Owners of law firms should act and contribute like owners, not loyal employees. And that means, among other things, mentoring younger lawyers, active participation in governance, and a book of business.
These articles discuss the issue.