Is "Up or Out" In or Out?
Law firms are conservative institutions where change comes slowly. It does seem, however, that "up or out" partnership models are starting to be replaced by alternatives that allow good talent to stay on in something other than a partnership role. The ABA' Law Practice Magazine has a good article on the trend.
There are so many reasons why "up or out" is outdated. Few of today's law school graduates expect to achieve partnership (based on my own anecdotal evidence.) Many talented associates are interested in finding more work/life balance and are willing to compromise on salary. Also, in 2007, it makes no sense to give professionals one shot at advancement. Law firms would do much better to create multiple steps to partnership.
There are so many reasons why "up or out" is outdated. Few of today's law school graduates expect to achieve partnership (based on my own anecdotal evidence.) Many talented associates are interested in finding more work/life balance and are willing to compromise on salary. Also, in 2007, it makes no sense to give professionals one shot at advancement. Law firms would do much better to create multiple steps to partnership.
Labels: career success in the law
posted by Stephen Seckler, Esq. at 11:11 PM
1 Comments:
Thanks Steve for mentioning this important issue. However, in my market, the San Fransisco Bay Area, the romance with alternative models (alternative to the 'up or out' model) have petered out. The model is coming back with a vengeanance. It is my experience that any associate who is hanging on at a firm in their 9th year as an associate is living on borrowed time--the ax will fall as soon as the profitability dips even temporarily below target. I'm sorry, but if you are that person, you have a target--a big one--in red and white--on your back. There are lots of things you can do to deal with the situation, but doing nothing means you WILL be fired--and probably sooner than you think!
pete
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