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1. What are the targets that T1 firms impose on new partners? I heard that these targets can be anywhere in the neighbourhood of 3 to 5 Cr, and keep increasing depending upon the firm and their model. Is that broadly correct? If not, what are the correct numbers like?
2. Realistically and statistically (based on your best estimates), how likely is it for someone with no familial connections/angel senior partner to meet such a target purely through goodwill based on good execution as an associate over the years? What about non-M&A teams that do advisory work and typically get smaller mandates?
3. I'm asking these questions because naturally, we see a lot of people who were refused partnership at such firms and eventually moved in-house post PA/counsel positions. If it's indeed practically difficult to get these numbers, does it make sense for mid-levels w/o connections to look at in-house options already (assuming we find an in-house opportunity with a payscale that's acceptable)? What would you say is the right PQE for this?
4. Does the specific law firm make a difference? If so, how? (Understand that KCo and Tri look at partnership differently than S/CAM, AZB, Luthra, Saraf or JSA, for example.)
Thanks for taking out the time!
Depending upon the firm, salaried partners (10-12 PQE) may or may not be required to bring in work. It depends on whether their equity partner is a big or mid rainmaker. If it is the latter, then minimum expectations are you bring in revenue that covers your own small team’s cost (inclusive of bonuses) along with a 30% overheads cost. Ideally in a team sizing of a salaried partner and a couple of SAs and As, this would mean 3 cr to 5 cr.
Bringing in the work is both a mix of your abilities as a good lawyer and your social skills. You do not need to be a second generation lawyer (although it helps). Connections are built through friends, college mates who went in house, through introductions by existing clients to their other GC friends and of course through regular business development.
In order to reach this, by the time you are 8 PQE make sure you have at least one if not two dependable juniors who will help you execute the work such that you can take out 2 hours in a week to develop your market skills and connections. These are the juniors who you too will lead in the future when you become EP and to whom you will hand over part or your entire book as you grow.
It is not easy but it is also not as difficult as it may seem. You have to balance your work execution, client persuasion and team management along with whatever semblance you have of a family life. The real difficulty is scaling up to the next level, i.e. a 10 cr book.
For non-M&A teams, you have to figure out the right mix of taking up a couple of large mandates and smaller but voluminous matters to reach your targets. Start this exercise at 7 PQE and work towards it religiously. You will be able to achieve it.
If you have other questions, please feel free to ask. Its important that this conversation needs to be had in an otherwise self oriented profession where personal ambition/greed trumps healthy team and succession planning.
- Not that Old First Gen EP
2. No such thing as connections in partnership. Only pure merit.
3. Mid levels move out because they cannot handle the work pressure not because they are denied partnership. If you have been excellent at servicing clients, then you are guaranteed a seat at the table. In house is utterly useless and I would suggest not even going down this path, unless you want to sink your own career.
4. There are broadly equity and salaried partner models. If you're equity, you get a share in the business.