Firms now frequently assess which lawyers are worthy enough for the top rungs of partnership
By Sara Randazzo | The Wall Street Journa;
New York law firm Shearman & Sterling LLP said recently it plans to cull the ranks of lawyers who share in its profits, by demoting some partners to a lower-paid rung of the law firm’s hierarchy.
The move, unthinkable a generation ago, has become a reality of modern-day legal practice.
Faced with client pressure to keep down costs and industry competition to achieve the highest profits, law firms now frequently assess which lawyers are worthy enough for the top rungs of partnership. Those who don’t bill enough hours or bring in enough business are quietly asked to leave or demoted from the so-called equity tier.
