Law Firm Partnership - Practice Test Geeks

There is no buy-in required

Partners have less power over firm decision making

Time and skill aren't always parallel paths.

Firms don't compensate equity partners

Correct! Wrong!

Partnerships can become more difficult to manage.

Lawyers can become overly focused on competition.

Profits may be lower than expected.

Firms will likely experience high turnover and low morale.

Correct! Wrong!

Multi-tiered partnerships

Sole proprietorships

Two-tier partnerships

Limited liability partnerships

Correct! Wrong!

Alternative performance factors

Law review experience

Membership in the American Bar Association

Years of experience and billable hours.

Correct! Wrong!

More prestige

The ability to assume more responsibility and directly engage with clients.

Bigger paychecks

More vacation days

Correct! Wrong!

Leaving non-lawyer staff out of the equation

Promoting lawyers based on years of experience instead of skill levels

Complicating the structure of the firm

Hiring partners from outside the standard path

Correct! Wrong!

They don't have to be a lawyer to work in a law firm

Law firms don't provide legal services to individuals and corporations

They have to be a lawyer to work in a law firm

There are no jobs available to those who pursue a Master's in Legal Studies

Correct! Wrong!