The magic words that every associate wants to hear from a partner is that the associate is now “thinking like an owner”. These words mean that the junior lawyer realizes the difference between being an employee and becoming a partner in a professional services firm. It means that the associate has grasped the difference between a partnership structure and a corporation.
Many young lawyers starting out believe that being smart, skilled and working hard will naturally lead to partnership. While this may lead to promotions within a corporate structure, in a professional services firm such as law, accounting or consulting, . . . [more]