Making partner at a top law firm is a major achievement. Some people may not know it, but there are actually a few different types of partners. You can be a service partner or a partner that runs his/her own practice. As a partner in a practice area such as tax or executive compensation law, you will most likely be servicing transactions. Building your own practice comes with different types of challenges than being a partner in a service field. Many attorneys I’ve spoken to have reported that it’s more difficult to build their own practice. Some attorneys enjoy billing hours and reviewing documents, while others like to be social and enjoy the process of bringing in new clients.
Let’s use the M&A practice as an example. If you’re ascending the ranks as a 6th or 7th year associate at an elite firm, you have a decision to make. Will you put your head down and make a run for partner at your current law firm or will you pursue a more entrepreneurial route? If you make partner at your firm, most likely the clients are going to be institutional and you will not have the ability to handpick your practice. If having your own clients is important to you, you may want to consider a different firm that is open to bringing in smaller transactions.