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A Guide To Becoming A Law Firm Partner
A Guide To Becoming A Law Firm Partner
The position of law firm partner is a highly sought after one and is often considered the ultimate goal for any new graduate. However, there are many gradations of partner; most importantly, there are equity partners and non-equity partners. Below this, associates are lawyers within a company that have a view to becoming a partner in the future. Salaries and prospects for partners change around the world and, within the UK, you should expect to see very different figures in London when compared to the rest of the country.
Partner Criteria
Most firms will have a list of criteria to becoming a partner and you will need to meet all of these. If you are at an advanced stage in your career and looking to move to a firm that offers the potential of becoming a partner then base your legal recruitment London search on what you have to offer as well as what you have to gain.
• Be prepared to generate revenue for the firm
• Consider finding a mentor within the business
• You will need to develop your legal skills and improve your business skills
• Market yourself as well as the firm
• Specialise in an area of expertise and become a recognised name in this field
• Ascertain and work office relationships and office politics
• Show off your skills and the benefits you have brought to the business
By following these steps you should find it easier to become a partner within a respected law firm. The bigger and more prominent the firm, the more challenging it will prove but, if you are able to generate your own client base and attract new clients for the business then you will have gone a long way to showing your true worth and value.
Salaried Partners
According to PayScale.com a non-equity law firm partner can expect to earn around £70,000 per annum or more. In reality, the actual figure may vary from £50,000 to £100,000 plus for a salaried partner.
Equity Partners
In contrast, an equity partner may earn considerably more than this and, generally speaking, the more business the equity partner brings in, the more salary they will earn. It is not unheard of for equity partners to earn several hundred thousand pounds a year although this kind of money will be reserved for the most successful partners with the best reputation working for some of the best organisations.
For assistance with legal recruitment in London or finding a legal job in London or anywhere else in the UK, contact BCL Legal today and we will discuss your options and determine how to achieve your goals.