The Percentage of Associates Becoming Partners in Law Firms

The question of how many associates become partners is a complex one, often influenced by various factors that can vary significantly between different law firms. This article aims to explore the typical percentages of associates becoming partners in various law firms and the factors that play a role in such promotions.

Understanding Associate Promotions in Law Firms

In the legal profession, the transition from associate to partner is a significant milestone. Across law firms, the percentage of associates who become partners can range from as low as 10-20% to as high as 50%, depending on the firm's size, structure, and specific objectives. For instance, some firms have a higher rate of associate promotions, often due to more flexible partnership models, while others have a more rigorous process that combats intense competition for a limited number of partner positions.

Factors Influencing Associate Promotions

The transition from associate to partner is influenced by several key factors, including:

Firm Size and Structure: Larger law firms typically have more associates, which naturally raises the competition for the limited number of partner spots available. At the same time, these firms often have more resources to invest in associate development, which can increase the chances of promotion for those who excel. Market Conditions: The legal market's economic climate can significantly impact hiring and promotion decisions. During economic downturns, firms may be more cautious with promotions, while growth periods may see more opportunities for associates to advance. Performance and Billable Hours: Associates are commonly evaluated based on their performance, client development, and the number of billable hours they log. This performance metric is a critical factor in the decision-making process for partner promotions. Diversity and Inclusion: Some firms have specific goals to increase diversity among partners, which can influence promotion rates. These initiatives can place additional pressure on the selection process, leading to more competitive promotions.

Examples in Practice

Let's take a closer look at two prominent firms to illustrate the variation in associate promotions:

Cravath, Swaine Moore

Cravath, Swaine Moore is a notable firm with a high-stakes approach to associate promotions. Known for its lockstep seniority model and a small office in New York, the firm typically takes on a large number of new associates each year. However, only a very small percentage of these associates—usually fewer than 5 out of 100 in some years—will become partners after a challenging 6-8 year journey. For instance, in 2014, Cravath added only 4 new partners to its ranks. This stringent model reflects the firm's commitment to maintaining high standards and limited growth.

Kirkland Ellis

In contrast, Kirkland Ellis employs a more diverse partnership model, which includes both equity and non-equity partners. With nearly 1,500 lawyers spread across multiple offices, Kirkland offers a broader range of career paths for its associates. However, the path to partnership is equally challenging, with only a fraction of each promotion tier becoming equity partners. Some associates may even be asked to leave the firm if they do not meet the necessary criteria. This model reflects Kirkland's approach to growth and inclusion, with a high number of associates benefiting from diverse career opportunities but fewer achieving the coveted partner status.

Conclusion

The percentage of associates becoming partners is a variable metric that reflects the unique dynamics of each law firm. Whether working in a large global firm or a more specialized boutique, the road to partnership is a competitive journey, influenced by a combination of internal policies, market conditions, and individual performance. Understanding these factors and their impact on career paths can help aspiring associates navigate their journey toward success in the legal profession.