Once upon a time but easily within the memory of many attorneys still in practice–typical young law school graduates took jobs as associates at firms with the intention of spending their entire professional lives at that one place–perhaps with an eventual detour into the judiciary.If they worked hard and did good work, most associates could expect to become partners with equity stakes in their firms. Once they did, it was highly unusual to be forced out of the partnership, even if they became less productive than their peers. Likewise, it was practically unheard of for star partners to be lured away by better offers from competing law firms.Today, that scenario seems almost like a fairy tale.Now, new associates at many major firms are expected to bill 1,800 to 2,000 hours a year, or more. And they often start working at a firm with the assumption that they may well be moving on after two or three years, or less. Only a small fraction of associates are eventually offered partnerships. And for those who do grasp the brass ring, the prize of partnership isn’t what it used to be.Many law firms now have two-tiered partnerships: equity partners on one level, and,… Read full this story
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