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It’s probably not a surprise that making partner has proven a more difficult task during the current recession. Not wanting to further cut into its partner’s profits, most firms have been extremely cautious to add to its ranks. Bloomberg gives further clarity to the trend in a report out today.
Among the firms cited in the story, Mayer Brown LLP promoted 14 attorneys to partners in November, down from 27. Dewey & LeBoeuf LLP in New York said it was promoting only six attorneys to equity partners in December, down from 20 a year earlier.
According to the report, it’s not enough to simply be a solid citizen and good lawyer to make partner these days. You also have to pass the ‘Cleveland Airport Rule’ at many firms i.e. would you be willing to spend time with the person if your plane was stuck in the Cleveland airport? Interesting read.
