Law Firms
Not All Associates are Seeking the ‘Brass Ring’ of Partnership
Posted Nov 13, 2008, 05:09 pm CST
By Martha Neil
Once upon a time, young associates were hired by law firms, worked hard and were rewarded by making partner. Rarely, if ever, did they stray to greener pastures at competing law firms.
But those days are long gone, as young associates today are well-aware in an era of megafirms, global business strategies and a willingness to hire and fire in accord with bottom-line financial considerations. Hence, law firms seeking to motivate—and keep—the best and the brightest may have to come up with new strategies for doing so, reports an Altman Weil legal consulting firm newsletter reprint of a Law Firm Partnership and Benefits Report article (PDF).
"From the associate’s perspective, the result of all these changes is a narrower door into equity partnership, a higher contribution threshold for getting and staying there, generous compensation whether they get there or not, and less long-term security if they do. For some good, talented keepers, the motivation just won’t be there. The 'brass ring' of equity partnership has already lost its luster in their eyes," the article recounts.
Hence, to motivate those for whom partnership isn't necessarily the ultimate career goal, those already in the top attorney tier may need to refocus on what the younger generation is looking for, the article recommends.
Make sure, of course, that associates understand—realistically—what partnership can offer them. But at the same time make sure that partners aren't missing opportunities, at relatively minimal cost, to offer associates what they are looking for right now, it suggests. Among likely incentives for the younger generation, the article states, are clearly defined goals, frequent opportunities to succeed, recognition, and the state-of-the art legal technology that they enjoy working with.
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