Whats the difference between an “associate” and a “partner?
In many firms, there are two classes of lawyers: associates and partners. New lawyers start out as associates, which are, in effect, employees of the law firm. After a certain amount of time (7-10 years is typical), an associate is asked to become a partner. Partners are owners of the firm who get to share in the firm’s profits. So while an associate gets a salary, a partner will get a slice of the firm’s net profits (sometimes called a “draw”). Also, as a part-owner of the firm, partners enjoy a great deal of job security. Becoming a partner, therefore, is something like becoming tenured in an academic position.
