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Traits of Future Equity Partners
In the last 10 years, I have coached hundreds of attorneys as an internal career coach at Holland & Knight. Some of those associates left law entirely and are now writing novels, playing professional baseball, and flying airplanes. Others have gone in-house or to work for the government. Many of the associates have become non-equity partners, and some are equity partners. Here are some things I have learned about the ones who aim for partnership in a large firm.
Starting At the Beginning
First, let's take a close look at the starting point of the people I coach. If I were a career coach at a law school, I would frankly suggest to students that they drop out and get an MBA instead. The percentage of law school graduates who actually land in big firms is miniscule ' most still earn a median starting salary of below $65K (according to the latest NALP figures), which has barely moved in 25 years. Factor in inflation using the Bureau of Labor Statistics Inflation Calculator and average student loan debt (which is over $140K for over half of graduates), and I would wager it has actually declined. For the vast majority of graduates, law does not pay.
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