I've worked for 8.5 of my 12 years as a lawyer at the same small/medium sized but well respected law firm. I've always had great reviews, and I made (contract) partner a few years ago. Comp is way below biglaw, but WLB is immensely better - I made ~$300k last year with no originations, WFH 2-3 days/week, billing a reasonable amount on quality matters. My primary mentor/sponsor within the firm is its managing partner and a major business generator. The job is comfortable on many levels - I have a lot of say on what I work on, there's no pressure to bring in business, and I know my way around the internal politics.
But over the last year, a large-ish number of people have left (~20% of the firm), including one major business generator, two young-ish partners, a hard-to-replace associate, and a good friend. Revenue and work are down, some coincidental, some attributable to this. We've missed revenue targets and the equity partners may not receive a full tax distribution this quarter as a result. Like many firms, we are very top-heavy with older partners nearing retirement (>60) driving most business. Yet we don't have anything like a real succession or strategic plan in place.
We're currently in merger discussions with a larger firm. But despite being larger, it's less prestigious, I'd likely make less, and there are all the other risks that go along with changing a job (less control over work, learning new politics, less protection from mentor, etc.). It's also totally unclear whether this merger will happen - the new firm is aware of some of the departures, but not the impact it's having on the bottom line yet.
Until recently, I'd resolved to wait it out and see what happens, thinking the most likely outcome is a merger which (though not ideal) is probably better than what I'd get if I left. I also felt pretty confident that if the firm broke up, I'd go with my mentor wherever he ended up, which would likely be a very good firm that may be a harder place to work, but would pay well. I don't think that outcome is super likely because we just re-signed an expensive lease and renovated our offices, but who knows.
With yet another departure announcement this week, however, I'm reconsidering the wait-and-see approach. The issue is there are very few firms who would want to hire a junior partner at my pay level without any business, so my prospects are not great, and in-house/government are not really options due to practice area. My mentor privately told me he'd help me find a job if I decide to leave, but I don't know if that will be enough or how serious he was (it would make his life much harder if I were to leave). I know people jump from job to job all the time, but I've only changed jobs once, and it took me a long time to acclimate once I did. On the flip side, I'm in a really tough spot if the firm really does crater and my mentor doesn't save me - I'm too senior to go to another firm as an associate, too junior to have a book of business.
I'm wondering how folks here would assess the risks/benefits or have handled similar situations. Although scary, this type of thing is not uncommon in professional services firms.
But over the last year, a large-ish number of people have left (~20% of the firm), including one major business generator, two young-ish partners, a hard-to-replace associate, and a good friend. Revenue and work are down, some coincidental, some attributable to this. We've missed revenue targets and the equity partners may not receive a full tax distribution this quarter as a result. Like many firms, we are very top-heavy with older partners nearing retirement (>60) driving most business. Yet we don't have anything like a real succession or strategic plan in place.
We're currently in merger discussions with a larger firm. But despite being larger, it's less prestigious, I'd likely make less, and there are all the other risks that go along with changing a job (less control over work, learning new politics, less protection from mentor, etc.). It's also totally unclear whether this merger will happen - the new firm is aware of some of the departures, but not the impact it's having on the bottom line yet.
Until recently, I'd resolved to wait it out and see what happens, thinking the most likely outcome is a merger which (though not ideal) is probably better than what I'd get if I left. I also felt pretty confident that if the firm broke up, I'd go with my mentor wherever he ended up, which would likely be a very good firm that may be a harder place to work, but would pay well. I don't think that outcome is super likely because we just re-signed an expensive lease and renovated our offices, but who knows.
With yet another departure announcement this week, however, I'm reconsidering the wait-and-see approach. The issue is there are very few firms who would want to hire a junior partner at my pay level without any business, so my prospects are not great, and in-house/government are not really options due to practice area. My mentor privately told me he'd help me find a job if I decide to leave, but I don't know if that will be enough or how serious he was (it would make his life much harder if I were to leave). I know people jump from job to job all the time, but I've only changed jobs once, and it took me a long time to acclimate once I did. On the flip side, I'm in a really tough spot if the firm really does crater and my mentor doesn't save me - I'm too senior to go to another firm as an associate, too junior to have a book of business.
I'm wondering how folks here would assess the risks/benefits or have handled similar situations. Although scary, this type of thing is not uncommon in professional services firms.
Statistics: Posted by ETK517 — Fri Apr 05, 2024 11:58 am — Replies 6 — Views 317
