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ABSs have changed the partnership game

Natasza Slater discusses why a generation of lawyers are chasing in-house roles and dissembling the partnership driven dream

8 October 2014

Throughout history there have been famous partnerships: Hansel and Gretel, Thelma and Louise and Bonnie and Clyde. Perhaps the most elusive and exclusive partnership of them all, at least in the eyes of a junior lawyer, is the law firm partnership.

Trainees were previously fed the notion that sheer hard work would almost definitely bring about a supposed career-long dream of equity partnership with the firm they trained with. It was an American law firm, Cravath Swaine & Moore,
which invented the concept
of ‘big law’ early in the 20th century. Cravath actively and openly recruited associates to be trained and promoted exclusively from within. Many law firms (including t...

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