Law firms all over the world, but particularly in the United Kingdom have the reputation of being very conservative; picture a rather stuffy atmosphere with a clear pyramid structure of partners in a lockstep model with equity partner's profit shares increasing in line with their seniority in the firm. Becoming a partner was the main aim of any ambitious lawyer, because the hours of slogging on the way to the top, would mean moving away from a salary only to sharing in the profits of the firm. Several factors have however led to dramatic change in this structure; the lasting effect of the 2008 credit crunch with increasing demands from clients for value for their money and the influence of US firms which promote a different kind of culture. This has given rise to a new type of partner, one that does not share in equity. Many of the bigger law firms in the world, the rainmakers who have the highest profits per equity partner now appoint partners who are not part of the closed knit group that used to inhibit the top of the pyramid of most law firms; in many cases they barely know each other and are spread out around the world. But this has led to less loyalty to the firm; as the Wall Street Journal points out; partners realise that they can make more money elsewhere and leave. – Linda van Tilburg

Being a Law Firm partner was once a job for life. That culture is all but dead.

By Sara Randazzo

(The Wall Street Journal) – Four hundred of Kirkland & Ellis LLP's top lawyers gathered in May at an oceanfront resort in Southern California to toast another banner year.

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