I hear this phrase often, but have no idea what it is.
2007-06-14 12:51:41 · 3 answers · asked by apologetickid 2 in Politics & Government ➔ Law & Ethics
It means they are now a partner in the law firm business. Just means they own part of the business.
2007-06-14 12:56:15 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It means they have a stake in the law firm. You have associates, Jr partners and Senior partners in most law firms. The partners are not "employees" of the law firm, more like a part owner of the firm. Of course the higher you are in the firm the more contributions to the firms management you are allowed to participate in.
2007-06-14 19:58:51 · answer #2 · answered by Lilliput1212 4 · 0⤊ 0⤋
It means that instead of having a set hourly or annual wage, they participate in the profits, and instead of having minimum weekly billing requirements, they can retire and still get paid.
It also means they are potentially liable, both financially and criminally, for the actions of other partners.
2007-06-14 20:23:48 · answer #3 · answered by open4one 7 · 0⤊ 0⤋