Seeing this more and more. Is this people being kicked out of partnership, deciding they don’t like it or is there some secret magic to being a PSL I’m not aware of. Can’t exactly ask them.
As Fence said it's probably various factors but part of it is certainly the fact it's still reasonably well paid but generally doesn't involve dealing with clients and having all the related targets and means you generally clock on and clock off on time. Some may only have become partners because it's what's expected because law firms are still pants at providing some kind of alternative path.
Prob few other jobs where you can get £130k for 9 to 5 and potentially do with your eyes closed if it is mostly dealing with esoteric queries. Given additional rate etc. someone in a sub-top 15 firm prob not losing that much cash becoming a PSL at a top 15 firm. Also TBH lawyers are getting less and less legally aware so more of an essential investment for firms so more opportunities - even tightwad US firms have them now. If your household was 2 x senior associate or senior associate/partner partner/partner with children I think it would be a massive stress relief for everyone concerned if one dropped out and became a PSL.
If you're a non-equity partner in a service area (which you'll almost by definition be), you're not going to be raking in serious dolla anyway. PSL counsel at a top firm is not a bad gig if you can get it.
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Probably a lot less hassle tbf
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As Fence said it's probably various factors but part of it is certainly the fact it's still reasonably well paid but generally doesn't involve dealing with clients and having all the related targets and means you generally clock on and clock off on time. Some may only have become partners because it's what's expected because law firms are still pants at providing some kind of alternative path.
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Prob few other jobs where you can get £130k for 9 to 5 and potentially do with your eyes closed if it is mostly dealing with esoteric queries. Given additional rate etc. someone in a sub-top 15 firm prob not losing that much cash becoming a PSL at a top 15 firm. Also TBH lawyers are getting less and less legally aware so more of an essential investment for firms so more opportunities - even tightwad US firms have them now. If your household was 2 x senior associate or senior associate/partner partner/partner with children I think it would be a massive stress relief for everyone concerned if one dropped out and became a PSL.
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I am a PSL there
How can I help?
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I know a single mother partner who did this for lifestyle, child rearing reasons.
Seemed to work out for her. Helped that she was excellent technically.
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It's all fine as long as the PSL knows they are no longer a partner!
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If you're a non-equity partner in a service area (which you'll almost by definition be), you're not going to be raking in serious dolla anyway. PSL counsel at a top firm is not a bad gig if you can get it.
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