Calling all Lawyers
 

In a law firm, I know that people who join out of law school are called "associates" and the people that have been there longer are, I think "partners".

I was wondering if everyone eventually becomes a partner if they stick around long enough. If not, what determines if they become a partner or not? Who decides? And when someone is made a partner, does the firm change its name to reflect that? (ie Smith and Jones becoming Smith, Jones and Johnson)

It's just one of those things I've wondered about and I just figured, hey, someone on GC will know! :)

Thanks!

Not just in law firms, but in other professions as well. Accounting, banking, etc.

In some of the larger firms, becoming a partner also gives one a voting stake in the firm's board of directors.

Not everyone becomes a partner. Not everyone wants to become a partner, and not everyone can. At some large firms, it's very difficult to become partner. I'm not sure exactly how it works, but I think the decision is based upon work quality, rainmaking capabilities and who knows and likes you. I'm sure that it can get quite political. Sometimes people will start out at one firm and then move to another where partnership is more likely. I think that at most large firms, partnership track is about seven years or so.

Large firms tend to keep the same name forever unless they merge with another firm. Smaller firms will sometimes add the name of a new partner and sometimes won't.

Thanks for the info! :)