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This is so interesting to watch. I’m office admin in a small law firm, working towards a paralegal degree before law school. There’s so much to learn just sitting in a law firm.
That's awesome! You're going to get such great exposure about how the practice of law actually works! I'm not sure if you're looking for more of a community, but I run a free FB group for new and aspiring law students looking for clarity and support in their law school journey! Would you like the link to join?
I've never heard of up or out before, why do they have that policy? I would think a 8-10 year lawyer is pretty valuable to have regardless of being partner
Hi Sandra! Really good question. My understanding of the rationale for the "up or out" policy (at least traditionally) is as an 8th-10th year associate you are really expensive for the law firm to pay and you're really expensive for the client to hire (since your hourly billable rate is so high at this point). So if the law firm doesn't see you as having potential to generate revenue (i.e. bring in new client work), it will actually cost them more to keep you than to let you go. Law firms generally tend to operate on a pyramid structure where there are a handful of partners at the top generating business and a much larger base of associates who are doing the legal work at rates lower than it would cost for the partner to do the legal work. But you're definitely right that as an 8th-10th year associate you are very knowledgeable and skilled, and many lawyers who don't make partner at a larger law firm are able to lateral to a smaller law firm and make partner in 1-2 years there.
In regards to the protagonist listening to a podcast about a MAC clause, it was a bit weird to me, considering that she was about a 6-8 year associate in M&A.
It's funny you say that because I have zero clue about transactional law, so it didn't even occur to me that a MAC clause was something super basic that a 6th year associate would definitely already know. 😆
👉 JOIN THE FREE LAW STUDENT NETWORK FACEBOOK GROUP: facebook.com/groups/lawtribenetwork and feel free to drop any comments or questions you have below!
This is so interesting to watch. I’m office admin in a small law firm, working towards a paralegal degree before law school. There’s so much to learn just sitting in a law firm.
That's awesome! You're going to get such great exposure about how the practice of law actually works! I'm not sure if you're looking for more of a community, but I run a free FB group for new and aspiring law students looking for clarity and support in their law school journey! Would you like the link to join?
Loving these! Please keep reviewing!
Hi Andrew! Awesome!! I'm so glad these are resonating with you! :)
I've never heard of up or out before, why do they have that policy? I would think a 8-10 year lawyer is pretty valuable to have regardless of being partner
Hi Sandra! Really good question. My understanding of the rationale for the "up or out" policy (at least traditionally) is as an 8th-10th year associate you are really expensive for the law firm to pay and you're really expensive for the client to hire (since your hourly billable rate is so high at this point). So if the law firm doesn't see you as having potential to generate revenue (i.e. bring in new client work), it will actually cost them more to keep you than to let you go.
Law firms generally tend to operate on a pyramid structure where there are a handful of partners at the top generating business and a much larger base of associates who are doing the legal work at rates lower than it would cost for the partner to do the legal work. But you're definitely right that as an 8th-10th year associate you are very knowledgeable and skilled, and many lawyers who don't make partner at a larger law firm are able to lateral to a smaller law firm and make partner in 1-2 years there.
In regards to the protagonist listening to a podcast about a MAC clause, it was a bit weird to me, considering that she was about a 6-8 year associate in M&A.
It's funny you say that because I have zero clue about transactional law, so it didn't even occur to me that a MAC clause was something super basic that a 6th year associate would definitely already know. 😆