It goes without saying that it is difficult to make partner at a large law firm. Most firms require significant books of business to even consider an attorney as a partner. The most prestigious firms require at least $1.5 million in business for partnership, and some of the top Am Law firms require as much as $3 million to consider someone for equity partner. Smaller and mid-sized firms typically require at least $500,000 in business. These are big numbers, especially in a slow economy. And, for all that business, the payout to partners is not always that high. Big firm partners can expect to make about a third of what they bring into the firm.
There are many advantages to non-traditional firms. In many ways, attorneys at non-traditional firms are their own boss. They have much more autonomy to do what they want and less bureaucracy to deal with than they would at a traditional law firm. They can have a work-life balance that is unheard of in more conventional legal environments, where attorneys answer to others and are at the whim of the firm. Compensation is collections based, so attorneys can make as much or as little as they would like. Non-traditional firms have much lower overhead expenses than large law firms, so the percentage of collections that goes to the attorney is much higher than average, typically at least 65%. These firms will consider attorneys with a small to moderate book of business and provide a platform for business development. They have fewer clients, so it is easier to get through a conflict check. They also provide many of the benefits of a large law firm, including a team with which to collaborate, support staff and associates, marketing, and firm benefits such as insurance, 401k, and an expense account.
Of course, there are also drawbacks to non-traditional firms. Sometimes attorneys leave large law firms because they do not play well with others and have a tough time getting along with their coworkers. As a result, some non-traditional firms can become an island of misfit toys. Another drawback is that non-traditional firms often have a small platform, so it is harder to cross sell business in other practice areas. They also lack a large bench of associates to delegate work to. It is important to consider all the costs and benefits of a non-traditional firm when making a move. Here the candidate had over twenty years of experience and a moderate book of business. He had moved firms several times in the last few years, in part because he did not have enough business to keep him busy at a large firm. Many large firms look for experienced attorneys who can help them staff associates on projects. This candidate simply did not have that much work. After multiple moves and a lot of searching, this candidate was looking for a place where he could settle down long term.
This candidate had an amazing work history and broad experience in corporate law. He had worked with some of the top firms in the country, making it to counsel level with three of them. He has advised clients in through all stages of the business cycle, including major transactions and day-to-day legal needs. His focus includes corporate governance, capital raising, mergers and acquisitions, regulatory compliance, strategic transactions, and commercial contracts. He also has extensive experience drafting and negotiating transactions for private equity sponsors and portfolio companies. He is well-versed in representing lenders, borrowers, and financial institutions in complex deal structures. This diverse experience made the candidate a perfect choice for a nontraditional firm. The candidate had the expertise to help clients in a wide variety of corporate matters and the credentials to give clients peace of mind that he knew what he was doing.
This candidate is also very well-liked by his clients and colleagues. He is considered an expert in his field and was recognized by his law school with various awards. He is a frequent speaker and writer, which gives him a great platform for business development. He also knew several attorneys at the firm where I placed him because they went to law school together. He knew it was a great cultural fit.
I had never worked with the firm where I placed this candidate. I sent them another candidate's resume and they told me that they were looking to grow during the pandemic. They had office space available and a business plan for growing during lean times. The head of the firm quickly scheduled an interview with the candidate. The candidate was not sure he wanted to join the firm right away because he had some matters to finish up at the big firm where he was working. However, they continued to talk and eventually he accepted the offer to join the firm. It is a great fit for him because he has a modest book of business that he would like to grow. The firm will provide a great platform for him to do that. And he is excited to work with someone he knows and likes. A couple of take-aways from this case study: 1) Non-traditional firms are a great career option for experienced attorneys; 2) firms are hiring during the pandemic; 3) it is important to work with people you like.
About Harrison Barnes
Harrison Barnes is a prominent figure in the legal placement industry, known for his expertise in attorney placements and his extensive knowledge of the legal profession.
With over 25 years of experience, he has established himself as a leading voice in the field and has helped thousands of lawyers and law students find their ideal career paths.
Barnes is a former federal law clerk and associate at Quinn Emanuel and a graduate of the University of Chicago College and the University of Virginia Law School. He was a Rhodes Scholar Finalist at the University of Chicago and a member of the University of Virginia Law Review. Early in his legal career, he enrolled in Stanford Business School but dropped out because he missed legal recruiting too much.
Barnes' approach to the legal industry is rooted in his commitment to helping lawyers achieve their full potential. He believes that the key to success in the legal profession is to be proactive, persistent, and disciplined in one's approach to work and life. He encourages lawyers to take ownership of their careers and to focus on developing their skills and expertise in a way that aligns with their passions and interests.
One of how Barnes provides support to lawyers is through his writing. On his blog, HarrisonBarnes.com, and BCGSearch.com, he regularly shares his insights and advice on a range of topics related to the legal profession. Through his writing, he aims to empower lawyers to control their careers and make informed decisions about their professional development.
One of Barnes's fundamental philosophies in his writing is the importance of networking. He believes that networking is a critical component of career success and that it is essential for lawyers to establish relationships with others in their field. He encourages lawyers to attend events, join organizations, and connect with others in the legal community to build their professional networks.
Another central theme in Barnes' writing is the importance of personal and professional development. He believes that lawyers should continuously strive to improve themselves and develop their skills to succeed in their careers. He encourages lawyers to pursue ongoing education and training actively, read widely, and seek new opportunities for growth and development.
In addition to his work in the legal industry, Barnes is also a fitness and lifestyle enthusiast. He sees fitness and wellness as integral to his personal and professional development and encourages others to adopt a similar mindset. He starts his day at 4:00 am and dedicates several daily hours to running, weightlifting, and pursuing spiritual disciplines.
Finally, Barnes is a strong advocate for community service and giving back. He volunteers for the University of Chicago, where he is the former area chair of Los Angeles for the University of Chicago Admissions Office. He also serves as the President of the Young Presidents Organization's Century City Los Angeles Chapter, where he works to support and connect young business leaders.
In conclusion, Harrison Barnes is a visionary legal industry leader committed to helping lawyers achieve their full potential. Through his work at BCG Attorney Search, writing, and community involvement, he empowers lawyers to take control of their careers, develop their skills continuously, and lead fulfilling and successful lives. His philosophy of being proactive, persistent, and disciplined, combined with his focus on personal and professional development, makes him a valuable resource for anyone looking to succeed in the legal profession.
About BCG Attorney Search
BCG Attorney Search matches attorneys and law firms with unparalleled expertise and drive, while achieving results. Known globally for its success in locating and placing attorneys in law firms of all sizes, BCG Attorney Search has placed thousands of attorneys in law firms in thousands of different law firms around the country. Unlike other legal placement firms, BCG Attorney Search brings massive resources of over 150 employees to its placement efforts locating positions and opportunities its competitors simply cannot. Every legal recruiter at BCG Attorney Search is a former successful attorney who attended a top law school, worked in top law firms and brought massive drive and commitment to their work. BCG Attorney Search legal recruiters take your legal career seriously and understand attorneys. For more information, please visit www.BCGSearch.com.
