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A Leap of Faith

By Phyllis Weiss Haserot
August 28, 2008

Interviews with senior associates and individuals in their first or second year of partnership (particularly equity partnership) reveal that they frequently face a number of surprises ' even shocks ' when they enter their new, long-desired status. In most firms, especially in most of the large and mid-sized firms, they are not told by management or the more senior partners what to expect, financially or psychologically, in regard to monetary and time commitments, stress, and the internal politics they will have to navigate in order to succeed at the firm. Some of the results we've observed are conflicts between new and existing partners, reduced productivity, taking a longer time to fulfill their spectrum of responsibilities, and serious questions about their future satisfaction at the firm.

From the firm's side, whether explicitly acknowledged or not, these are more than soft “human capital” issues. They are hard profitability issues.

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