Credit: Nuthawut/Adobe Stock At Least a $5M Book of Business: Partner Expectations Tighten
More top law firms have initiated earnings expectations for their equity partners, such as at least $5 million to $7 million in business each year.
October 22, 2024 at 05:00 AM
5 minute read
Law Firm Profitability
What You Need to Know
- Firm leaders are being more transparent, communicative and firm about partner business expectations now, industry observers say.
- The reason? Competition. There's more of it now, especially at the higher end of the market.
- The tiering of partnerships has also fed back into expectations.
More top law firms are setting earnings expectations for partners — seeking to be explicit about origination or business requirements — as firms place more emphasis on profitability now.
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