Once upon a time, becoming a partner in a law firm meant you became an owner of the business and shared in the profits with the other equity partners. The typical career path for associates joining a firm out of law school was to work hard for about seven years, at which time they would either be admitted to the partnership or asked to leave.
This so-called up-or-out practice became increasingly difficult for firms to continue due to the explosive growth in the demand for legal services. Throwing out seven-year associates, who the firm was not entirely sure were ready to be partners, but who had developed valuable practice skills and experience serving clients, no longer seemed like a good idea.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
