If you’re just starting out in your legal career, you may have aspirations of becoming a partner in a law firm someday. But what is a partner? What are they responsible for in the day-to-day operations of the firm, and what sort of benefits do they enjoy from the position?
Below, we not only answer these questions, but we talk about what you can do in your legal career to improve your shot at being named a law firm partner.
What Is a Law Firm Partner?
A law firm partner is an attorney who holds partial ownership of a firm. In exchange for partial ownership, they generate revenue for the firm.
Of course, a law firm partner is still a practicing attorney in the firm. This means that, on top of managing the business of the firm, they have their case load to handle.
Aside from the financial profit a law firm partner can gain, this accomplishment is a major career goal for many lawyers. Being a partner in a firm is a prestigious position and gives you an opportunity to make your mark on your corner of the legal world.
Types of Law Firm Partners
There are a few different types of law firm partners, both in terms of their privileges and of their responsibilities.
Equity Partners
Equity partners own an equity share of their firm, which they may have to buy when they become a partner. These partners are not only business partners in the firm – they are also part owners.
Equity partners have all the same rights and privileges as the original founder of the firm. They typically have voting rights on firm issues and are usually paid based on the revenue of the firm.
There are several structures law firms can choose from when deciding how each of the equity partners will be paid.
Of course, this power comes at a cost – in this case, literal. Buying equity in a firm requires a lot of liquid cash, and it can take some time to pay off that investment.
Non-Equity Partners
As you might imagine, non-equity partners don’t have to buy an ownership stake and so aren’t paid based on law firm profits. Instead, they are paid a salary, just like the rest of the associates in the firm.
So what’s the benefit of becoming a non-equity partner if you’re still getting paid the same as an associate attorney?
For one, many firms offer a raise to their attorneys who become non-equity partners. Some even allow non-equity partners to earn an equity firm after a few years of productive service.
Being a partner in a firm – equity or otherwise – is a prestigious position, and one many lawyers aim to achieve someday. Becoming a non-equity partner can allow a talented lawyer who may not have the assets to buy a share of the firm to continue advancing in their career.
Non-equity partners may also have some additional privileges that associates don’t. They may have limited voting powers or be assigned some managerial powers, depending on the firm structure.
Managing Partners
In mid-size or larger firms, partners may be divided into two tiers: managing partners and senior partners.
Managing partners are at the top of the food chain in the firms that employ them. They take on an executive role, as well as handling all their normal case work.
Managing partners are generally the ones who lay out a vision for the law firm and figure out how to move the business toward that goal. They decide on compensation packages, manage overhead costs, and deal with other such administrative responsibilities.
In some cases, especially in larger firms, managing partners may be given the title “chief executive officer” or “chairman” to better reflect the nature of their role.
Senior Partners
Senior partners are in a middle management position at the firms that have them.
In larger firms, managing partners can’t possibly do all the work required to keep the business running. Instead, they’re assisted by an executive committe or other leadership body.
Senior partners generally make up these committees and help to handle things like hiring, marketing, and mergers. They may also manage clusters of lawyers within the firm, acting as a mentor and a mediator as needed.
What Are the Duties of a Partner?
One of the first responsibilities of a partner is to provide an exceptional client experience. Of course, this should be a goal of every attorney in the firm, but partners may be entrusted with some of the most important or lucrative cases.
Partners are also expected to bring in new clients and otherwise contribute to the growth of the firm. This may include looking for new business opportunities, as well as brainstorming strategies the firm can use to generate new leads.
Additional business duties may include managing budgets, reviewing financial reports, and contributing to other financial matters in the firm. They may be allowed to vote on decisions that can impact the firm’s profitability.
Of course, a partner is a leader in the firm, and that may involve managing a team or leading practice groups. They may also be responsible for hiring, overseeing, and mentoring junior attorneys in the firm.
And, on top of all their business duties, partners are responsible for doing case work. Often, because of their experience and skill, they may work on some of the most complex cases the firm takes on.
What Are the Benefits of Being a Partner?
But all this work doesn’t come without benefits.
Non-equity partners are usually rewarded with a higher salary than associate and junior attorneys, and equity partners will get a share of the firm’s profits. Depending on the firm, a non-equity partner may also have the opportunity to earn an equity share in the firm through service and success.
Partners also have the extraordinary opportunity to guide and shape the firms they work in. They may be able to set operational policies in the firm, as well as having a hand in major decisions and helping to guide the strategic direction the firm takes.
This level of authority also gives partners the opportunity to take more control of their work. They may be able to specialize in a particular area that interests them, choose which clients they want to work with, or set the work hours that best suit them.
And, naturally, being a partner in a firm comes with a lot of personal and professional prestige. Lawyers in these positions are often well-respected in their communities and may have more professional opportunities open to them thanks to this achievement.
How Do You Become a Partner?
So if being a law firm partner is such a wonderful achievement, how can you get there? There’s no defined path to success in this area – it all depends on the particular firm you work in.
That being said, there are several things you can do to improve your chances of being named a partner.
Focus on Business Development
One of the biggest responsibilities of a partner is bringing more business to the firm and helping it grow. Showing you have a knack for business development before you’re made partner can be a great way to catch the attention of firm leadership.
Establishing new client relationships and looking for additional revenue streams for the firm can help you stand out from your colleagues. Think about the opportunities you have to bring new business into the firm, and brainstorm lead generation methods that you can present to your managers.
Develop a Niche
It may sound strange, but developing a niche in your practice can be another great way to distinguish yourself from your colleagues.
The phrase “jack of all trades, master of none” holds some truth; firms are looking for partners who are excellent at what they do. And if you focus your efforts on one particular niche, you have an opportunity to become skilled in it and even to become the go-to lawyer in the firm for those cases.
When you’re deciding what niche to focus on, it may be a good idea to take a look at the areas of your firm no one else really specializes in. You’ll have a hard time competing with all the existing experts in a well-covered niche, but in a more ignored niche, you have an opportunity to become the leading expert in the firm.
Where you can, volunteer to take on or assist in cases related to your selected niche. You can also look for opportunities to take CLE courses or attend seminars related to that topic.
Build a Strong Reputation
Of course, law firms also want to name partners who have a strong professional reputation. As a partner, you’ll be a significant representative of the firm, and if you have a good reputation already, that can be an asset to the business.
Ironically, one of the best ways to build a good professional reputation is to look at your branding the same way you look at your firm’s.
Start by identifying the things that make you stand out from your competition and make you desirable to your target audience (in this case, your particular legal community). Look for ways that you can showcase those qualities to your target audience and manage how they perceive your brand.
Remember, part of your brand should be an expertise in your particular niche. You may want to write articles for legal publications or blog posts to put on your law firm website related to that niche.
You may also choose to speak at legal events or conferences – especially those related to your niche.
Your LinkedIn profile can also be a great way to grow your brand. Post those blogs you write on your profile, keep your skills and training up to date, and publicize any successes you have in your selected niche.
Grow a Good Network
Another great way to grow and strengthen your brand is to grow your professional network.
A solid professional network can be a valuable resource for a variety of reasons, and improving your chances of getting named partner is one of them. Not only can your network help you bring more cases into your firm, but a solid network gives you a fantastic opportunity to build that reputation we were just talking about.
When you’re at conferences and events, make it a point to go to any social events and chat with your colleagues. LinkedIn can also be a great way to grow your network and stay in contact with the people you meet at these events.
Provide a Client-Centered Experience
Of course, your network shouldn’t be made up only of fellow lawyers. Having clients who trust you and your work can be just as, if not more, important.
Providing a client-centered experience can not only help you grow a good reputation in the community, but can help you bring more business to your firm. Clients who are happy with the work you did in their case are more likely to recommend you to the people in their lives who may need their services.
A client-centered approach can also help you achieve the sort of excellent results that are likely to catch the attention of firm leadership.
Start by focusing on building positive client relationships. Throughout the process, listen to their needs, be transparent in your process, and stay in communication with them about their case.
Asking the right questions during your initial client interview can help to set these relationships off on the right foot. Check out our post about client interview questions for a helpful guide to the questions you should be asking.
Find a Good Mentor
It’s hard to overestimate the value of a good mentor in your law career.
For one thing, a mentor can help you to improve almost every aspect of your legal practice, from your case work to your professional standing. They can give you invaluable coaching and point you toward resources that can help you continue to grow.
And if your goal is to become a partner at your firm, what better guide could you have than someone who’s already achieved that goal? A mentor who’s a partner can tell you what the firm leadership look for in a partner and may even be able to recommend you for helpful cases or committees.
Bring More Business to Your Firm
Many lawyers hope someday to be named a partner in their firm, and these positions do come with a lot of prestige, responsibilities, and benefits. If you hope to make partner someday, it’s a good idea to work on developing your professional reputation and look for ways to grow the law firm. Always strive to provide a client-centered experience, and look for a mentor to guide you along the way.
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