Law firm partner job description

Nov 14, 2021

Written By Robert Greene

Being promoted to partnership level is often seen as the pinnacle of a solicitor’s career. Partners are responsible for running a law firm and generating revenue. Here, we’ll look at what a partner is, what a partner does, and how to become a partner.

What is a partner?

A partner is a solicitor who’s risen through the ranks and been promoted to partnership level. It is often seen as the ultimate goal for a solicitor, though many lawyers may opt for alternatives to partnership such as an in-house general counsel role or a career consultancy role.

Partners are responsible for the management of the firm. It is their responsibility to attract and win new clients. In other words, it’s partners’ responsibility to ensure the firm is making money.

Partners can be divided into three categories: full equity partners, fixed-share equity partners, and salaried partners. A full equity partner receives a portion of the firm’s profits each year and has voting rights. They invest the most capital in the firm, meaning they usually take home the most money (if the firm is doing well!) On the flip side, they also have the most to lose in the event that the firm is not performing well.

A fixed-share equity partner has a smaller stake in the firm. They earn a fixed portion of the profits each year and usually have some restricted voting rights.

A salaried partner receives a fixed salary each year. They have limited (if any) voting rights and do not have an equity stake in the firm.

Not all firms make these distinctions between partners. Some only have full equity partners, for example. Some also have a “counsel” position for senior solicitors on track to partnership or who do not want to become partners.

What does a partner do?

The exact role of a partner will vary from firm to firm, but most partners will advise clients in some capacity. However, an important distinction between partners and the firm’s other solicitors is the emphasis placed on business development and management.

Partners have a responsibility to maintain client relationships and win new clients. In firms that operate an “eat what you kill” model, partners are compensated based on how much revenue they generate for the firm. This system is designed to incentivise partners to maintain clients and win new business.

Partners are also responsible for the day-to-day management of the firm. They will usually manage a team or practice group, delegating tasks to associates or trainees, reviewing work, providing training and support etc. They will also be involved in the strategic management of the firm, including financial, organisational, and human resources planning.

What skills does a partner need?

Typical skills required of a partner include:

People management skills

Business development skills

Strategic and financial planning skills

Technical expertise

Interpersonal skills

Written and oral communication skills

Project management skills

Persuasive skills

Customer care skills

Leadership skills

Teamwork skills

How much does a partner earn?

Partners’ salaries vary greatly depending on a wide range of factors. The type of firm at which a partner works is one factor that influences their take-home pay. Unsurprisingly, the profit per equity partner (PEP) at Magic Circle firms is higher than that at most other UK firms. In 2020, PEP at all of the Magic Circle firms was in excess of £1.5 million. The PEP in some US firms is even more mind boggling. However, the average partner salary in the UK is a lot more modest at £75,690 per year.

Another factor that will influence a partner’s take-home pay is the remuneration model. Traditionally, most law firms operated a lockstep system. This means that profit per equity partner increases in line with a partner’s years of service at the firm, incentivising partners to stay at the firm. Magic Circle firms Slaughter and May and Linklaters still operate a lockstep system.

Meanwhile, other firms are turning to the “eat what you kill” model, in which partners generating the most revenue enjoy the highest share of the profits.

How do you become a partner?

There is no rule book on how to become a partner. However, experience and a strong track record in business development are likely to be important factors.

In terms of experience, there are few (if any) solicitors who make partnership level without significant experience under their belt. Data from the Solicitors Regulation Authority (SRA) shows that 36% of partners are aged 45 to 55, whilst 29% are aged 35 to 44.

As far as business development is concerned, aspiring partners need to be more than excellent lawyers, they need to be exceptional business people too. They will need to show that they have what it takes to generate revenue for the firm through new and existing clients.

What can I do with a Law Degree?