Laterals Turn Up Their Noses At Equity Partnership

Law360, New York (November 2, 2009, 6:59 PM EST) -- Some attorneys have become increasingly reluctant to join law firms as equity partners, an about-face that comes amid concerns about liability, profitability and the viability of law firms in the economic downturn, legal industry consultants said.

The downturn has prompted attorneys to scrutinize professional moves more than ever before, consultants said. That has led some lawyers to ask firms if they can join as of counsel or as a nonequity partner — a trend that was unheard of only a year or two ago.

"It seems...
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