The Cat’s Out of the Bag
Not All Bad
- The same prestige. This affects more than pride. Most senior lawyers say they have an easier time generating business under the title of partner.
- Decent pay. While having equity is, of course, nicer than not having it, a non-equity partnership should still come with a comfortable salary.
- Less time rainmaking. Partners are forced to spend an increasing amount of time generating business, rather than practicing law. This is increasingly a main factor for gaining equity partnership. With non-equity partners, that pressure is lessened somewhat.
Related Resources:
- Is Equity Partnership the Right Choice for Every Associate? (FindLaw’s Greedy Associates)
- Tips for Drafting Equity Partner Agreements (FindLaw’s Strategist)
- Percentage of Equity Partners Down at BigLaw (FindLaw’s Strategist)
- Learn About Our DIY Business Formation Services (FindLaw Forms & Services)
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