Principal Associate is more of a manager/team lead kind of a role, whereas Counsel is a parking title for a partner in the making. Needless to say, Counsel is a bigger title than a PA and offered if the candidate cannot be immediately promoted to Partner for various reasons.
Billing rates equivalent to Partner but retainer paid equivalent to Principal Associate.
While Principal Associates are a step below partners and can expect to be evaluated for partnership in due course, the term "counsel" is often ambiguous, when a firm isn't sure what it wants to do. Usually used for new hires, who the firm doesn't want to bet on by making a partner straightaway, but cannot make the person a PA, because the person wouldn't join. So it's more of a lolipop. If you join as counsel, whether or not you make Partner, depends on how your manager perceives your work.
This holds true for almost all law firms, except Trilegal, where Counsel is the term used for PAs elsewhere. Some firms also do not promote PAs to partner, but to a "partner designate", which is again like a "counsel" or (if you like prefer) an escrow. The "designate" bit is misleading, because there is not guarantee that you will be made partner.
If you are being offered a counsel position at a firm, I would suggest that you fight tooth and nail for joining as a partner. Don't go on future promises.
While I agree with everything that's been said, it is also worth noting that sometimes people choose to become counsels rather than partners, in order to obtain a better work-life balance or pursue other things beyond the firm. I know that's been the case with AZB for the past decade or so, and I remember some partners who actually gave up the partnership to become counsels and take up academia/advisory positions in research etc. I'm also currently aware of 2-3 women at KCo and a couple of high-paying T2s who have opted to go & stay the counsel route post maternity.
Naturally, these people tend to have a lot of influence in the team & can call the shots on PPOs too — if that's the underlying concern here.
Agree on this. If you're focused on just doing your work (or also want to pursue something in your life) and don't want to get in BD and revenue pressures and are ok with somewhat lower comp, Counsel role is for you.
job tags are as good as dogs' names
While Principal Associates are a step below partners and can expect to be evaluated for partnership in due course, the term "counsel" is often ambiguous, when a firm isn't sure what it wants to do. Usually used for new hires, who the firm doesn't want to bet on by making a partner straightaway, but cannot make the person a PA, because the person wouldn't join. So it's more of a lolipop. If you join as counsel, whether or not you make Partner, depends on how your manager perceives your work.
This holds true for almost all law firms, except Trilegal, where Counsel is the term used for PAs elsewhere. Some firms also do not promote PAs to partner, but to a "partner designate", which is again like a "counsel" or (if you like prefer) an escrow. The "designate" bit is misleading, because there is not guarantee that you will be made partner.
If you are being offered a counsel position at a firm, I would suggest that you fight tooth and nail for joining as a partner. Don't go on future promises.
bro you dont know how to make references
Naturally, these people tend to have a lot of influence in the team & can call the shots on PPOs too — if that's the underlying concern here.