Legal 500: Partnership – risk vs reward
Once upon a time, becoming a partner in a law firm was the dream of just about every young legal professional. It offered security and prestige – but is this still the case?
According to local experts, the very reason that was once a draw to young solicitors is now making them think twice about aiming for partner level.
Kate Hennig, a director of theGrogroup, says that younger professionals are now actively questioning whether becoming a partner is now limiting their career options.
“Twenty years ago if a senior partner said to me – ‘Why don’t you go and set up/join a new office and drive your specific service line?’ – it would be a welcome challenge and something that would keep someone busy for their career,” she said.
Kate Hennig
“But now, younger professionals would question an opportunity that they see very limiting, in their view; becoming partner on condition that you stay put for 10 years at least to grow the firm in one city, town or service line.”
Hennig says that younger aspiring partners want the recognition for their hard work and welcome opportunity but really want flexibility too. Partnership brings, she says, an equal measure of risk.
Rebecca Emeleus, partner at Rothera Sharp Solicitors, says that due to the high level of competition for trainees to get a foot in the door, young legal professionals may concentrate on simply qualifying as a solicitor and might move around different firms. She says that this seems to be the preferred way of climbing the ladder rather than staying at one firm long-term.
Jane Biggs
She adds: “Despite this, there will always be a strong drive from some professionals to want to make it to partner level and there are examples of lawyers achieving this earlier in their careers than ever before.
“The legal industry is extremely dynamic and is constantly evolving, whether through technology and areas of practise, and this requires forward-thinking thinking individuals with an additional skill-set in business, marketing or IT. These people have the potential to bring in new ideas, as well as being an exceptional lawyer. The industry is competitive for good reason and law firms need partners who can drive the business through rapid change and economic downturn.”
Jane Biggs of Bygott Biggs added: “As we come out of the recession it will be interesting to see how law firms face the challenge of how best to reward employees and retain talent. We suspect that not all of the new generation of lawyers will see equity partnership as the ultimate career goal.”
