Whether you’re a graduate looking to take your first step in your law career, or you’re a Paralegal, Solicitor or Associate who's ready to move up the ladder, you’ve probably dreamed of making Partner one day. For many working in Law, it’s the pinnacle of their career.
Whilst becoming a Partner (hopefully) won’t be as dramatic as that of Harvey Specter or Louis Litt, it takes a lot of time and hard work to get there.
At IDEX Consulting, we’ve worked with individuals at all stages of their careers who aspire to become a law firm Partner. So we thought we’d answer some FAQs about becoming a law firm Partner.
What does a law firm partner do?
Partners sit at the top of a law firm and have the final say. They are top-level decision makers - in some instances, the company is named after the Partners running the show. As professionals advance in their career, if they’ve added significant value to the business and shown their commitment, they can become a named or silent Partner. There are several different types of Partners, all of which can influence how much they earn.
Different types of law firm partners
Salaried Partner
Salaried Partners earn an agreed salary which means their earnings aren’t tied to the company’s profits. In most instances, salaried Partners don’t have capital invested in the firm and they may not always have voting rights.
Depending on the region, years of experience and type of firm, Partners can make anywhere between £70,000 - £200,000.
In a London City firm, Partners with 7 years + experience can earn £140,000+
In a New York firm, Partners with 7 years + experience can earn £300,000+
In a Mid Atlantic firm, Partners with 7 years + experience can earn £200,000+
In a West End firm, Partners with 7 years + experience can earn £200,000+
In a Magic Circle firm, Partners with 7 years + experience can earn £200,000+
Fixed-share equity Partner
In most instances, a fixed-share equity Partner has smaller amounts of capital invested in the business, and has some voting rights. A fixed-share or full equity Partner’s income is based solely on the profits of the firm.
Full equity Partner
A full equity Partner’s income comes from the firm’s profit and has full voting rights. They almost always have a large amount of capital invested in the business. In most instances, salaried and fixed-share Partners work their way up to full equity.
If you’re working in legal and you’re aspiring to become a Partner, you may find our advice on writing a career progression plan really useful. If you know what you want to do and would like some advice on how to get there, speak to the recruitment specialists at IDEX.
Download IDEX Consulting’s 2022 Legal Expertise salary guide today.
