Becoming a partner at a law firm is the ultimate achievement for many lawyers. As a partner, you make more money and enjoy greater job security. However, taking this position in a law firm comes with some responsibilities as well. Therefore, there are some things you should seriously consider before you accept that partnership offer your law firm wants to give you.
How to Become a Partner
Essentially, to become a partner, you should offer something unique to the law firm. For instance, if you are in a legal specialty that does not have many practitioners, your chances of becoming a partner will grow. Additionally, having valuable connections to other legal firms and being a go-getter who brings the firm a lot of business can make you get a partnership position at your firm. Being an associate for many years can also help you get a partnership position, as law firms want their employees to know that their firms favor career progression. Things to Consider When Becoming a Partner at a Law Firm Before you become a partner in a law firm, you should ask yourself a couple of questions. Here are some of them.
Do You Want More Responsibilities?
If you feel that your current position in the firm is more than adequate for you and that additional responsibilities might be overwhelming for you, then a partnership position might not be the best option for you. Being a partner will translate into added work hours, and that might make you a little dissatisfied with the position despite the higher income if the last thing you need is spending more time at the office or with your clients.
Are you Happy Taking On Managerial Roles?
Being a partner will come with some managerial responsibilities as well. You might have to deal with issues such as hiring decisions and disciplinary issues within the firm. If that is not what you would like of your legal career, then opting to become a partner might not be the best thing for you. Do You Have Any Intentions of Becoming a Partner? If you always wanted to make partner at some point in your career, then you should do so as soon as the chance comes along. Otherwise, if you stay too long as an associate, your likelihood to secure a partnership position at any law firm will go down. Good lawyers are generally expected to become partners before too long.
Are You Ready to Pay the Financial Costs?
When becoming a partner, you have to pay the buy-in, and you also have to pay for your own benefits. These costs are worth considering, and it might be worth staying as an associate if you are not ready to pay for them just yet.
Are you Good at Generating Business?
Many lawyers wait for work to be brought to them by the firm. I remember the time when I studied and needed law dissertation writing help. If you like this kind of work, then getting into a partnership position might not be the best decision for you. Partners are generally expected to bring in new clients, or deal with clients more directly than regular lawyers would.
To Sum Up
Being a partner at a law firm is one of the most cherished dreams lawyers have. While being a partner is true evidence of success, it is also a huge responsibility that needs some thought. Some partners end up being more dissatisfied with their careers after taking on partnership roles. So, to make a better decision as you consider becoming a partner, above are some things to keep in mind.