We all know the story. Making partner at a law firm is like winning a pie-eating contest, only to find out the prize is more pie. Law firms promoted a new batch of partners this month, who are trying to figure out just what it means not to be associates anymore and what they need to know about eating more pie.

Before lobbying for one of the corner offices and picking out new desks in furniture catalogs, new partners need to understand at least these five basic things about “partnerhood”:

  • Law firm finances;
  • Rules and responsibilities;
  • Ownership;
  • Responsibility to associates; and
  • Just what they will miss about being an associate.

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