Partnership ambitions among
US associates have sunk to an all-time low despite soaring demand for their services, according to research by
The American Lawyer, which shows just 12% expect to make equity at their current firm.
With the partnership carrot losing its appeal, nearly half (45%) of the respondents in the magazine’s closely-watched annual mid-level associates survey predicted they would not be with their current firms in five years’ time.
The results come despite respondents scoring a record high average score of 3.81 out of five on the job satisfaction section of the survey, which polled 7,172 third, fourth and fifth-year qualified associates. The findings suggest US firms face a mounting battle to retain their next generation of partners.
The results also follow a year that has seen a new benchmark set for associate salaries in the world’s largest legal market, with first-year associates at many leading firms seeing basic pay rise from $145,000 (£71,400) to $160,000 (£79,000).
Dewey Ballantine co-chairman Morton Pierce told Legal Week: “There has always been competition for the top talent but as firms get bigger that competition will intensify. I am, however, surprised at how few associates expect to be equity partners.”
As in previous years, smaller regional practices and boutiques dominate the satisfaction poll. However, top 50 US firms to secure high associate satisfaction scores include West Coast leaders Latham & Watkins and Orrick Herrington & Sutcliffe, which achieved scores of 4.04 and 4.01 out of five respectively.
Many of Manhattan’s most respected firms ranked at the lower end of the table for satisfaction, with Cravath Swaine & Moore and Cadwalader Wickersham & Taft scoring 3.29 and 3.48 out of five respectively.
There was more positive news for the US arms of Allen & Overy and Clifford Chance (CC), the largest US legal practices by foreign-based law firms. The London firms ranked respectively 25 and 29 in overall satisfaction out of 164 practices, with both firms seeing sharp rises in their rankings compared to 2006.
CC US litigation head Mark Kirsch said expanded training had been a positive factor for the firm. He commented: “Over the past two years we have revamped our associate training. The programme now has a larger emphasis on teaching associates to understand the business of their clients and crisis management, as well as just the technical legal issues. We have received very positive feedback from associates.”
London-based Linklaters also saw its US associate ranking rise from 72 last year to 49, while transatlantic giant DLA Piper rose from 124 to 61 over the same period.
