The eight golden rules – how to be a successful equity partner
The first rule of being a successful equity partner is covering your costs and share of the overheads – this is the very minimum expected. Unlike senior associates, or even salaried partners, it is the equity partner's responsibility to make sure that their team's client work adds value to the firm through profit. If an equity partner acquires a reputation for continually failing to achieve their targets, this normally leads to them leaving the practice.
Succeeding as an equity partner is where the true rewards of partnership lie. But many promising young partners fail to make the transition. Heather Townsend and Jo Larbie explain how to make this step
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