43 percent left within three years. It s clearly a seller s market as clients are competing for the attention of prominent law firms. A partner with the firm Gunderson Dettmer reports that his firm turns down between 80 and 90 percent of the opportunities coming to the firm. The partner adds, and some of them are pretty decent opportunities. Another Silicon Valley law firm partner, this one at Wilson Sonsini, says that he has had potential clients offer to pay just for the privilege of putting the law firm s name on the client s business plan, with no obligation to do any of the legal work.
Few things are more sacred in the structure of a law firm than the concept of partnership.
On the subjective side, it is proof of acceptance and approval by the firm s top management. On the objective side, it is ownership, a stake in the firm as a business entity and the opportunity to share in the fortunes of the firm s productivity. But like so many established concepts in the legal world, this most cherished ideal is undergoing a metamorphosis. Associates are usually younger lawyers who could be said to be going through an apprenticeship with the firm. Partners are lawyers of longer-standing who have a commitment to the firm evidenced by their ownership and management.