November 18, 2003
Wahoo!
I just found out from my mentor here at the firm that last night at the partner's meeting I was voted into the firm as a partner! She said the vote was unanimous, and I'm very pleased.
For those of you non-lawyers out there, a bit of an explanation is in order. Most law firms are run by partners, who are attorneys who actually own the business. There are typically two levels of partnership in law firms -- there are general partners (people who own an equity stake in the firm) and limited partners (people who don't have an equity stake). I was voted in as a limited partner, which is a precursor to general partnership. As a limited partner, I have a bigger budget and expense account, I have more authority at the firm, my compensation is structured differently and I have been given the nod from the partnership that I have taken the necessary steps toward becoming a general partner.
When a person becomes a general partner, they need to make a capital contribution to the firm (read: they pay lots of money) and essentially buy a piece of the business. When a general partner retires or leaves the firm, they "cash out" their equity interest, and receive money in return. Therefore, being a general partner is a business investment. Sometimes, being a general partner is a bad investment, because as a general partner, you are personally on the hook for the liabilities of the firm. If the firm doesn't make enough money in a given month, you don't get paid. That's right. As a limited partner, though, I will still get paid regardless of how much money the firm makes, due to the terms of my contract.
At any rate, I don't brag about myself often, but making partner in one of the largest and most prestigious law firms in the state of Louisiana before age 30 is very cool.
Posted by Kitty at November 18, 2003 11:24 AM
Comments
BIG congrats to you! You, ma'am, are not only a preeminent example of what I'm talking about in my Stiletto Philosophy, but you rock.
Posted by: Carlene at November 18, 2003 03:38 PM
Thank you! I am very excited.
Posted by: Jennifer at November 18, 2003 08:40 PM
That is great news to hear! Congrats! I think a party to celebrate your new position with in the firm is in order...
Later
Posted by: Wired Nerve at November 19, 2003 10:10 AM
Have need for a good paralegal? :)
Posted by: drew at November 19, 2003 01:15 PM
WOOHOO! Congratulations!
Posted by: Christoforo at November 19, 2003 03:55 PM
YOU DESERVE TO BE PROUD.!!! I AM PROUD
TO HAVE YOU AS ONE OF MY DAUGHTERS!!!!
LOVE, DAD
Posted by: Jim at November 20, 2003 08:56 PM
Yeah, congratulations! That's wonderful!
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I'm so proud of you!!! I think I need to plan a trip to New Orleans to help you celebrate:)
Posted by: Jenny at November 18, 2003 11:30 AM