47 / 60
Y O U N G L A W Y E R S J O U R N A L
CBA RECORD
47
Practice Area Strengths and Capabilities
The expertise and reputation of the pro-
spective firm in your preferred practice
area is an essential consideration. Joining
another firm may be ideal from a practice
area and professional development stand-
point when it has a deeper emphasis in
client services and industries of interest.
For example, as a finance associate, if you
enjoy handling syndicated debt finance and
private equity finance transactions most,
does the prospective firm offer a larger and
more sophisticated focus in these areas?
Are there particular sectors (e.g., technol-
ogy, real estate, energy) to which you have
gained some exposure and that would be
enhanced by joining the prospective firm?
As a litigation associate, if you enjoy work-
ing on securities class actions and internal
investigations, is the prospective firmmore
recognized for these matters? Does it have
a more robust practice? Will practicing
with the firm afford you the opportunity
to work with leaders in the field?
Additionally, as you become a more
seasoned practitioner and when business
development becomes a priority, you
should also consider the firm’s overall rank-
ings in their local market and nationally.
Though not completely dispositive, a lat-
eral job-seeker can assess firm and practice
group recognition and prominence utiliz-
ing some selected resources, such as Vault,
Chambers and Partners, and the American
Lawyer, as well insight from trusted recruit-
ers, mentors, and peers. Evaluating rank-
ings and reliable insight can also reassure
you of the strengths of your current firm
and confirm when a lateral move is unwar-
ranted if you are already part of a leading
practice group and are satisfied with the
level and type of substantive experience
you are receiving.
Nonetheless, even if you are content
with the caliber of your firm and your
practice area focus, other environmental
and career progression factors can merit
considering a lateral move to a firm of equal
or comparable standing.
Advancement Opportunities: Law Firms
When reviewing opportunities in your
second through fifth year as an associate,
partnership (income and equity) prospects
at your current and prospective firms are
a key area of assessment, assuming law
firm practice is your long-term objective.
Exceptional work-product and strong
reviews aside, other elements can help
gauge partnership likelihood and trajec-
tory. When assessing career longevity, one
can look at a firm’s overall leverage (the
ratio of non-equity attorneys, including
non-equity partners, of counsel, and asso-
ciates, to equity partners) and also review
the number, level, and specialties of the
partners and associates in a practice group.
Other factors and potential indicators are
whether a firm has a single or two-tiered
partnership; the total number of years
of the partnership track (typically 6.5-8
years); and the number of other associ-
ates in your class-year and preceding years
in your practice group. Most firms have
shifted to a two-tiered partnership system,
where becoming an income partner is the
more common and shorter-term goal.
Reviewing a firm’s previous partner elec-
tions over the past five years and deter-
mining the number of partners made in a
specific practice group and office can give
you a general idea of partnership promo-
tion likelihood.
Also, to evaluate eventual progression
from income to equity partner from a
business generation standpoint, examine
a firm’s brand in your practice area, the
level of responsibility you are receiving
or will receive on matters, client contact,
and opportunity to be a resource for lead-
ing partners. (e.g., a corporate attorney
may ask: would this private-equity M&A
practice offer more exposure to front-line
transactional experience and interaction
with portfolio companies to progress faster
as a practitioner and eventually develop
business?) Associates should also consider
client fee-structure factors as they relate to
their practice area interests. As a corporate
associate, if you believe you would thrive
more at a firm servicing mid-market private
equity clients at a slightly lower billing-rate,
lateraling to a corporate practice group
operating in this space may be optimal.
In contrasting lateral versus home-
grown associate partnership likelihood, it is
important to note that firms are careful in
lateral hires and want to ensure that there
is ample capacity for an additional partner-
track attorney. When bringing in lateral
associates, firms commonly hire associates
with full credit for their class year, and
specify the year they are first eligible for
partnership in their offer letter. For merit-
based compensation systems, firms hire an
associate at a specific level number based on
their previous experience (usually ranging
from 1–4 or 1–3). Generally, laterals are
well-positioned for partnership and are
welcomed as highly-credentialed prospects
with sound firm experience and strong
skill-sets who will progress with their
peers and advance long-term. Often key
practice group leaders are involved in the
hiring process, and firms’ supportive lateral
integration processes foster a smooth tran-
sition and an environment where associates
prosper as quality additions to teams.
Advancement Opportunities: In-House
Associates interested in pursuing in-house
counsel career paths will also have oppor-
tunities as they reach their fifth-year level
or so. Such positions will continue to
be available in the senior associate and
income partner years. When conducting
an in-house position search, you will want
to cast a wider application net than for a
law firm search given the comparatively
larger number of corporate legal depart-
ments. Client contact is also important.
Good impressions with corporate counsel
can benefit you when in-house needs arise
within their company or at other peer
organizations.
Organization Culture and Work-Life Balance
Factors
Firm culture and environmental condi-
tions indeed influence associate satisfaction
and can drive lateral moves. Factors such
as teams worked with, types of matters
handled, hours expectations, diversity,
and feedback can influence an associate’s
decision to remain with or leave a law firm.
Associates in a firm’s satellite office may
find joining the home office of another
firm appealing if it lets them work with a
larger team or have a more formal train-