Equity partnership vs of counsel Forum

[Anonymous User]

I work at a biglaw firm that pays top-of-market. Over the past several years, between 5 and 10 people are promoted to partner each year. In general, if you can't get promoted to partner you can get an of counsel position where you can stay as long as you want (subject to keeping your billables up, as with any position).

I don't think my chances of being promoted to partner are very good. I'm a good associate, but probably not in the top 5 firmwide. Also, my office is a satellite office so the people pulling for me won't have a ton of cache within the partnership. It's possible, but far from guaranteed.

Am I better off (1) staying at my current firm, knowing the most likely outcome is being promoted to of counsel or (2) go somewhere else in the hopes of making partner, even if it's at a smaller firm that doesn't pay top of market? I care primarily about money, so if I end up making less money as a "partner" at a smaller firm than I would as of counsel at my current firm, I'd rather stay.

I'm at 7th year. Thoughts / advice / insight appreciated.

[Anonymous User]

I work at a biglaw firm that pays top-of-market. Over the past several years, between 5 and 10 people are promoted to partner each year. In general, if you can't get promoted to partner you can get an of counsel position where you can stay as long as you want (subject to keeping your billables up, as with any position).

I don't think my chances of being promoted to partner are very good. I'm a good associate, but probably not in the top 5 firmwide. Also, my office is a satellite office so the people pulling for me won't have a ton of cache within the partnership. It's possible, but far from guaranteed.

Am I better off (1) staying at my current firm, knowing the most likely outcome is being promoted to of counsel or (2) go somewhere else in the hopes of making partner, even if it's at a smaller firm that doesn't pay top of market? I care primarily about money, so if I end up making less money as a "partner" at a smaller firm than I would as of counsel at my current firm, I'd rather stay.

I'm at 7th year. Thoughts / advice / insight appreciated.

I think the real question is: why do you think you have better odds of making partner at this hypothetical smaller firm? You're older than the sweet spot for lateral associates. Just based on your post, you probably don't have a book of business. And if you're in a "satellite office" of a firm that pays "top of market," then I have no idea what a "smaller firm" would be in your eyes. If it's truly a small firm, then making you a partner would involve giving you a piece of a much diminished pie. Small firms don't like doing that any more than big firms, unless you have a close relationship with the decisionmaker(s).

What's your runway for making OC? If it's relatively short (like another year or two), I might stick it out until you get OC and then try to lateral into a smaller firm as a service partner (assuming you have the skill set to be one at this point). The title might help with credibility. If the path to OC is long, do you have a target firm where you have a good relationship with someone that has the power to make you a partner? Because if you don't, I suspect you'll be in for a long wait.

[hangtime813]

Do you know how much counsel makes at your firm, or is it just essentially senior associate pay with a little bump/better bonus? Making partner at any firm, even a smaller one, is far from guaranteed and comes with a lot of business development, politics, etc., and if at a smaller firm, the pay is probably less.