A route forward that isn't mentioned in Greg Yates' excellent article is to consider joining the NewLaw revolution. I'm a Consultant with Halebury. Halebury is an alternative law firm and NewLaw pioneer. Our flexible model provides a range of resourcing solutions to our clients and a unique career path for senior commercial lawyers.
Today, Big Law equity partners are fighting to protect and expand their personal partnership distributions. One of the easiest ways to maximize equity partner distributions is to restrict, and even reduce, the number of new equity partners. What were once long-odds of making equity partner in Big Law have now become prohibitive. Unless you have a big book of business, you will never become a Big Law equity partner. But all is not lost. Now is a great time to be a lawyer with a few years of experience if you will take personal responsibility for your career and do the work required to succeed and prosper.