Most law firms are organized as partnerships, so traditionally, when a lawyer "makes partner," that's the time when he or she transitions from being an employee of the firm (and being paid a salary) to becoming a part-owner of the firm, and sharing in the firm's profits (and liabilities). read more
Most law firms are organized as partnerships, so traditionally, when a lawyer "makes partner," that's the time when he or she transitions from being an employee of the firm (and being paid a salary) to becoming a part-owner of the firm, and sharing in the firm's profits (and liabilities). read more
“Law firms just have to face the reality that they can’t make too many people equity partners or they can’t survive,” says Gerry Riskin, founding partner of law firm consulting firm Edge International. As a result, he says, some offer tiered partnerships with equity partners at the top. read more
The law firm profits per partner vary and are usually based on seniority and billable hours. A criminal defense law firm or a business law firm will usually work in this format. However, an injury law firm in which cases regarding personal injuries are argued, the law firm compensation is usually a percentage of the judgment. read more