Shrinking revenues, pay cuts and layoffs mean that making partner is becoming an increasingly elusive goal for associates, according to a new study by Bloomberg.
A predicted drop of as much as 10% in law firm revenues this year – according to a recent survey by Citi Private Bank – coupled with a decrease in partner promotions at several major firms has resulted in partners who have “grown reluctant to increase their own ranks by promoting salaried lawyers or even non-equity partners who can get some of their pay from profits,” says the report, compiled by Bloomberg’s Carlyn Kolker.
