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Financial Considerations That Involve Your Partnership Agreement

By Ed Poll
October 29, 2013

Becoming a firm partner has long been the unquestioned goal of most lawyers. But in today's large law firms, with many hundreds of partners, is this still a desirable goal when a given partner's voice may have little influence over the direction of the firm, and when a partner's income is determined by a “compensation committee” that lacks transparency? Partners often feel entitled to be rewarded by virtue of their partnership status alone, similar to the rewards given their fellow partners. Is this still a realistic expectation in most large firms?

Recognizing Two-Tier Realities

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