Upwardly mobile
Ambitious associates are increasingly seeking out direct moves into partnership at a new firm. Sloane Poulton reports on the challenges and potential benefits of such a switch
June 25, 2008 at 08:10 PM
6 minute read
If partnership is a career goal, then often there comes a time when as a senior associate you need to make a choice. Do you sit and wait for promotion at your current firm or do you consider other opportunities in the market? There are a number of reasons why someone would consider a move at this level and it is not always because there is a bottleneck for promotion. There have been a significant number of individuals that have felt they were very much on track at their previous firm but made an evaluation that a different platform would better serve their practice.
During the last recruitment cycle, law firms have reacted to individuals' demands for partnership. In the late 1990s, only a handful of firms were willing to offer the immediate partnership badge to laterally-hired associates. These 'vertical' moves were quite uncommon and met in the market with a degree of surprise. The assumption seemed to be that the individual in question was a veritable superstar or had attracted a huge following. But over the last five years, vertical promotions into partnership have become relatively common. At the beginning of the last recruitment drive, there appears to have been a general shift in policy and a number of firms have aggressively looked to secure the best available talent by offering the title of partner.
Over my recruitment career I have met with a number of senior associates, almost all of whom were looking to move into immediate partnership. A number of them have successfully moved into new partnership roles and it was interesting to see how they had fared.
Over the last couple of months I have spoken with a number of these individuals to find out:
- how they had found their new firm;
- how the title of partner has changed their role, particularly in terms of marketing, business development, credibility with clients and integration;
- how their overall attitude has changed;
- how their responsibilities have increased; and
- to find out if there had been any internal animosity from existing senior associates.
- was anticipating the feedback to be balanced in terms of the experience, but the overwhelming majority have found the move to be a success.
Firms that tend to make vertical hires are often growing rapidly and are going through a significant shift in strategy. New joiners have to find their 'partner feet' quickly. They also have to find their way in a firm that is stepping up a gear in terms of market profile and ambition. Although in some instances the title comes before the role (i.e. the individual would not have moved if immediate partnership had not been offered), the firms selected have, in the majority of cases, provided the right platform and support.
The consensus across the City is that the partnership badge, without question, helps significantly with marketing and business development. New clients want to speak to a partner and, with the title, individuals have found they have immediate credibility. It is a fundamental step when an organisation has enough faith to make someone a partner. In terms of business development, the title appears to be invaluable as clients take you more seriously and feel that the buck stops with you as the decision-maker. The title is particularly indispensable when the firm could be viewed as slightly 'off-piste', as it gives potential clients immediate comfort.
Entering a firm at partner level is acknowledged internally with an instant element of respect. While associate moves often create little impact, it is generally big news when a new partner joins the practice. Individuals have found they receive immediate respect from their peers and feel like they are finally part of 'the business'.
Integration into a new partnership is relatively seamless in most cases. The organisations that tend to make vertical hires are well-practised at recruitment and are used to providing the support and the systems to make a smooth transition. On a personal level, most are embraced by the existing partners and supported with an air of excitement and enthusiasm. Many are actively introduced to clients and assisted with bringing their own clients.
There is no sudden change in attitude from that of a fee earner to that of a business generator. The generally-held view is that if you do not already possess this attitude, you are not ready for partnership. Many vertical hire partners I spoke with were already generating work as associates and felt the promotion to partner merely gave them further credibility when winning new business. Indeed, the consensus is almost unanimous that firms expect laterally-promoted partners to win work and grow the business from day one. Although you need to be bullish when seeking a promotion to partner, you have to be careful to understand expectations from both sides. In one lateral partner's succinct advice: "Don't bullshit."
On gaining the elevation to partnership, the areas in which overall responsibilities increase are business generation, budgeting, training, mentoring and recruitment. Many senior associates have already been involved in most of these areas but, on becoming responsible for their own practice, the full burden of responsibility is clearly felt. Others find that their duties are essentially the same but that it takes a little time to get up to speed with new systems.
Canvassed partners say there has been limited animosity from existing senior associates, probably as vertical hires tend to be made in key strategic areas and hence there is often a gap. It is argued that existing senior associates should support a vertical hire, as new partners tend to show greater support to senior associates with new business and helping drag them up into the partnership ranks. There do not seem to be many instances where senior associates have been 'parachuted in' to the clear disadvantage of existing partner designates, at least according to the perception of the vertical partners.
The experience and transition for the vast majority has been positive. The potential of a poisoned chalice has been fettered by genuine due diligence and accurate client references. The key to success seems to be unshakeable self-confidence and the setting of realistic expectations in terms of what you can deliver. If you are currently thinking about a move at this level but find yourself falling into 'better the devil you know' scenario; or if you are worried about losing the goodwill you have generated; or think a move at this stage is tantamount to failure as you have not gained the partnership badge, then you should definitely reconsider. The individuals who have moved into immediate partner roles over the last couple of years have become the engine room and future leaders at their new firm. They are hungry to make their mark in the City and many are now entering into equity. It has been a real chance for them to take control and to make a name for themselves as individuals. Many simply say: "I would recommend it."
Sloane Poulton is director of SR Search.
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
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllGreenberg Takes 7-Lawyer Project- and Structured-Finance Team From Dentons in Warsaw
3 minute readTrending Stories
- 1Infant Formula Judge Sanctions Kirkland's Jim Hurst: 'Overtly Crossed the Lines'
- 2Abbott, Mead Johnson Win Defense Verdict Over Preemie Infant Formula
- 3Preparing Your Law Firm for 2025: Smart Ways to Embrace AI & Other Technologies
- 4Greenberg Traurig Initiates String of Suits Following JPMorgan Chase's 'Infinite Money Glitch'
- 5Data-Driven Legal Strategies
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250