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
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.
The exact expectations and penalties vary by firm. For instance, 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, said Mike Parrillo, a recruiter in New York and founder of Parrillo Search Group.
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