Do you say congrats to someone “promoted” to Of Counsel?
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Poast new message in this thread
Date: January 12th, 2021 4:51 PM
Author: .....,,.,.,..,.,.,.,..,.,.,.,..,.,.,.,..,.,.
(http://www.autoadmit.com/thread.php?thread_id=4737754&forum_id=2#41739857) |
Date: January 12th, 2021 4:52 PM Author: Sex & Love Addict
Depends on what they were before.
Partner? No.
Senior Associate? Yes.
(http://www.autoadmit.com/thread.php?thread_id=4737754&forum_id=2#41739871) |
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Date: January 12th, 2021 4:53 PM
Author: .....,,.,.,..,.,.,.,..,.,.,.,..,.,.,.,..,.,.
Senior associate to of counsel. Doesn’t that mean they will never be partner though?
(http://www.autoadmit.com/thread.php?thread_id=4737754&forum_id=2#41739883) |
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Date: January 12th, 2021 4:55 PM
Author: .....,,.,.,..,.,.,.,..,.,.,.,..,.,.,.,..,.,.
I guess just feels like a dick move to say congrats to someone when it must be a bit of a let down personally (I assume)
(http://www.autoadmit.com/thread.php?thread_id=4737754&forum_id=2#41739899) |
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Date: January 12th, 2021 5:00 PM Author: gromjoh
It means you've been around too long to be called an associate without it being embarrassing but they don't want to give you equity. That's the cynical take.
Once in a blue moon you'll get an of counsel comp arrangement that is actually decent (e.g., 25% of revenue above 1,500 billables goes directly into your pocket + origination) but those are rare and tend to involve politically sensitive lateral hires that you don't want to place directly into the partnership but still want at the firm.
And then it's a landing place for older equity partners, which is fine, everyone acknowledges there's a life cycle to this.
(http://www.autoadmit.com/thread.php?thread_id=4737754&forum_id=2#41739945) |
Date: January 13th, 2021 1:37 AM Author: ,..,,,,,,....,,,...,
Some people quit within the year after making counsel because they see it as a slap in the face.
Some people retire as a counsel 30 years later.
Some people make partner 1-2 years later when someone else dies/retires/laterals out and the firm realizes that if they don't give equity they won't have a partner who does X or works regularly for client Y.
You have to guess which category the person falls into to give them the right response. If you aren't sure, assume they are in category 3 because that is the most flattering to them and they can correct subtly or not if you have missed the mark.
(http://www.autoadmit.com/thread.php?thread_id=4737754&forum_id=2#41743084) |
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Date: January 13th, 2021 12:08 PM
Author: .,.,,...;.;,.,.,:,,:,...,:;:,...,:,.,.:..:.,:.::,.
Most law firms are absolutely miserable at giving feedback and telling people where they actually stand in terms of partnership. At my V10, they implemented a supposed overhaul to give more feedback earlier on in careers. It did nothing. People were still getting told they were doing “everything right” years 6-9 and then getting “the talk” dropped on them at year 10 when it is harder to find a good job. It’s ridiculous.
(http://www.autoadmit.com/thread.php?thread_id=4737754&forum_id=2#41745019) |
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Date: January 13th, 2021 12:19 PM
Author: .,.,,...;.;,.,.,:,,:,...,:;:,...,:,.,.:..:.,:.::,.
The incentive is to make partner the first time around. Or if you are in the ~15-20% who might make the leap from counsel to partner.
(http://www.autoadmit.com/thread.php?thread_id=4737754&forum_id=2#41745107) |
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Date: January 13th, 2021 12:05 PM
Author: .,.,,...;.;,.,.,:,,:,...,:;:,...,:,.,.:..:.,:.::,.
It’s crushing. Didn’t happen to me, but everyone who has stayed at a V10 from my law school is still a senior associate or an “of counsel,” and I’m 10+ years out of law school at a T20 school. Folks who went lower down the vault rankings mostly have fought it out and are now non-equity junior “partners.”
Your reaction depends on what your specific situation is. If you are told hang out here for a year or two and you can be put up for partner if the economy is still good, you may still hold out hope, though plenty of people in that situation (probably the majority) have been screwed over before.
If you are told you’re a great performer, but they don’t see business development potential and you can stick around as long as you want? That hurts, but most of the people affected by this saw it coming and they are introverts who just like doing deals or writing briefs. For what it is worth, it is almost impossible to make partner at another firm if you end up in that situation without almost immediately lateraling way down the Vault ladder (like 50+ spots). I knew someone from my V10 who was going to be counseled and this person made partner at a firm like Norton Rose/Reed Smith/Ballard Spahr like a month later. This person is now in a leadership position at that firm and makes more than he or she would have at the V10, lol.
This is a good example of why the business of law is so fucking stupid. They get rid of good performers who are making them a ton of money for essentially no reason. (Why fire a 10th year bringing in $2MM of revenue who costs you less than $600K in overhead? They are no different than the scores of service partners in biglaw except they were born too late and don’t even expect to be treated like partners/allowed to vote on things.)
(http://www.autoadmit.com/thread.php?thread_id=4737754&forum_id=2#41744996) |
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Date: January 13th, 2021 12:13 PM Author: '"'""'"''"'
Agree and good points.
"This is a good example of why the business of law is so fucking stupid. They get rid of good performers who are making them a ton of money for essentially no reason. (Why fire a 10th year bringing in $2MM of revenue who costs you less than $600K in overhead? They are no different than the scores of service partners in biglaw except they were born too late and don’t even expect to be treated like partners/allowed to vote on things.)"
The answer there is that there's no reason not to. That money isn't lost, these people are just replaced because they are fungible. Clients don't really care that one worker bee got replaced by another. And if he was the relationship person for a major client then either 1. he would have left to that client before it got to this point, or 2. he would have made partner.
(http://www.autoadmit.com/thread.php?thread_id=4737754&forum_id=2#41745058) |
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Date: January 13th, 2021 12:22 PM
Author: .,.,,...;.;,.,.,:,,:,...,:;:,...,:,.,.:..:.,:.::,.
They generally are replaced by more junior associates who they bill out for less money. There is at least some revenue lost, and it is more stress handing stuff over to new people who don’t know what they are doing rather than having skilled counsel around who know how to run cases and avoid fuckups that could make you look bad with the client.
I still just don’t understand why they don’t keep good career people around who are not interested in making partnership. I think the conventional wisdom is that those people would later agitate for partnership or something, but now that partnership has become so much rarer for the V10, that seems really unlikely. (With partners already facing de-equitzation for having bad years, etc., no one wants to be a partner without a book of business these days, and the partners with books are taking an ever bigger share of the pie.)
(http://www.autoadmit.com/thread.php?thread_id=4737754&forum_id=2#41745131) |
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