Making partner increasingly out of reach for associates, says new study
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.
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.
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