What are the Benefits of Being a Partner
[00:00:00] What are the benefits of being partner?
What are the drawbacks? Compared to being of course, a senior associate.
The benefits of being a partner are,
The name.
The title. The title gets respect in the market and in the firm. Meaning, the title does give you a lot of respect. And in the market, it makes it easier to bring in clients. Much easier if you say you're a partner. You get a percentage of profits, if you're a capital partner. You have a role in a lot of important decisions and governance. You have a lot more stability. They can't just fire you. They have to vote you out. It's easier to just fire an employee than to vote them out. So, easier to stay employed. And then, depending on the firm, you may actually, to some extent, have a lifetime employment. You can get paid for things that are not related to practicing law. If that's your thing, which would be from governance. Marketing, training, things along those lines.
So those are some of the things I think that are most [00:01:00] important and to keep in mind about it. Those are the main benefits.
The title is one thing, the percentage of profits, of your capital partners and other. Having a role in the firm governance and those certain decisions is another.
And then getting more stability is another. And then just getting, the ability to get paid for other things.
