At my first law firm, there were three partners. When one of them moved on, and the other one passed away, the remaining owner announced to all of the associates that he had no intention of making anyone a partner any time soon.
So I left.
At my next firm, it was my job to create a corporate department from scratch. I did a phenomenal job if I must say so myself (and I must, because lawyers don’t offer compliments very easily). I thought that I would be rewarded with a partnership after one year. When it was not forthcoming, I gave serious consideration to moving on again. However, I chose to stick it out and became a partner the next year.
Back in those days it seemed to every young lawyer that becoming a partner in your firm was the most important professional goal. We didn’t have much of an idea of what being a partner entailed, or even why we so desperately wanted to be one, but nonetheless, we knew that we did.
They were simpler, and stupider, times.
The shine came off of the partnership bloom for me over a number of years.
First, in the early 1990’s, there was a well-respected Toronto law firm which experienced some financial difficulties. Their solution was to invite a number of their associates to become partners. The associates were so delighted to receive the invitations, they put up their money without asking very many questions. When they finally figured out what the financial position of the firm was, they sued. I marveled at how the lure of partnership was so great that the associates put themselves at risk without much thought, and without professional advice. And I realized, that, but for the grace of God, it could have been me.
Some years later, we had an excellent lawyer in our firm who I will call Barb. Barb was loved by her clients and enjoyed her practice. However, she was not immensely profitable, primarily because she did not buy into the notion of working and billing excessively to achieve partnership. When told that if she wanted to become a partner she would have to work harder, she asked, “why would I want to become a partner?” Of course, at the time I thought that Barb was crazy. With the benefit of hindsight, I realized that she was one of the saner people at my law firm.
There is nothing wrong with wanting to become a partner in a law firm. However, it is not the be all and the end all, and frankly, it is overrated.
I will explain it all in subsequent articles.
This article was originally published by Law360 Canada, part of LexisNexis Canada Inc.