Bobby Jones wrote:
I still don't know why law firms would want to get rid of senior associates, though. They're making what, 220-280K a year, billing high rates, and already know everything. They would seem to be the most valuable pieces.
They don't want to get rid of them. They just want to limit the number of people who make partner, because that's the golden goose. Senior associates can stay as long as they want, as long as they are still billing high hours.
Really? So the up or out model is just a myth?
I've had a BigLaw partner tell me that associates don't make money for the firm for 3-4 years. This may not be true for all firms, especially those where associates bill huge hours, but I think an important point is being missed: not all billable hours get billed to the client. The BigLaw partner I talked to said new associates will often bill several hours for something that should have taken only one or two.