In Part One of this series, I said that becoming a partner in a law firm is no longer the goal of every young lawyer. In Part Two, I wrote about the advantages of equity partnership.
Now, let’s talk about the disadvantages of equity partnership.
Tag: lawfirms
In Part One, I explained that when I was a young buck, becoming a partner was the ultimate goal of every young lawyer. I suggested that this type of thinking is, for good reason, falling out of favour.
There are both good and bad things about being a partner in a law firm, and today’s young lawyers would be well advised to understand them all before accepting a partnership invitation.
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Moving on Up
One of my former partners checked out my profile on LinkedIn the other day. Since he is a litigator, my paranoid streak honed to perfection during my forty-year career got me thinking that perhaps he was trying to find an address for service. More likely, he was just checking to see if I am still alive and writing annoying things about my time in the legal profession.
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Whose Client is it Anyway?
The people who make the most money in law firms are not necessarily the smartest lawyers, or the most strategic lawyers, or even the highest billing lawyers. It’s the lawyers who bring in clients who rake in the largest slice of the profit pie. We call these people the “client lawyers.”
[Note from Murray: Many of my readers are younger professionals. They may not be crazy about the content of this article. In my defense, I can be a curmudgeon sometimes, but that does not necessarily invalidate my old-fashioned opinions!]
After much thought, I have concluded that young people should be more willing to put up with tyranny. Before the howls to cancel me for this outrageous statement start, let me clarify. I am not talking about physical, sexual, emotional, or even financial abuse. I am talking about that other stuff that we used to call ‘life,’ such as uncomfortable or inconvenient situations.
I think that lawyers should know who they are and what type of clients they want (and the answer is not “any client with a pulse.”)
Here is a great example from Maureen Mckay’s website (www.mckaylegal.com):
McKay Legal® has a select clientele.
You are the right type of client for McKay Legal® if you:
Back in the old days when law school cost very little and you could rent an apartment in Toronto for a reasonable amount, law firms hired newly qualified lawyers at modest salaries and gave them simple assignments. The firms also provided mentoring and training, so that the juniors could learn to do more challenging work. Firms neither made much money on the newbies, nor did they pay the newbies much. The pay-off came after a few years as the lawyers gained experience and could bill enough to earn their keep.
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Yes, You Can! (Maybe)
In my heyday of clients and billings, my largest client asked me to handle an outsourcing transaction. I would hazard a guess that had it been completed, it would have made quite a ripple in the business community.
A Bay Street firm was the client’s corporate counsel. The client may have been my biggest client, but we handled only a sliver of their legal work.
Aaron Baer sent me an invitation to speak at the Authentic Legal Professionals Summit. He said, and I quote, “I’m going to gamble and say that you’re able to speak about one of those (autism, ADHD, Tourettes, or other neurodivergences.)”
All of this was a bit of an eye-opener to me, because at 69 ¾ years old, I was unaware that I was neurodivergent, but it seemed to be a pretty safe bet for Aaron.
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The Latest Law Firm Scam
There is an old story about a young man who, after finally meeting the love of his life following years searching the globe for his one true soulmate, took his girlfriend’s hands in his own one starlit summer evening, stared deeply into her beautiful eyes, and whispered to her in a husky, excited voice: “since I met you, I can’t eat. I can’t drink. I can’t sleep… I’m completely broke.”