Canadian Lawyer

18 J A N U A R Y 2 0 1 6 w w w . C A N A D I A N L a w y e r m a g . c o m n associate new to a law firm gener- ally sees compensation in lockstep, based on year of call, and the goal for many young lawyers, histori- cally, has been to make part- ner. But as the legal landscape changes, partnership may no longer be the ultimate goal it once was. That is put- ting more emphasis on the relationship between a law firm and an associate and what each can offer each one. When adding a new associate, Howard Sloan, the managing partner at Goldman Sloan Nash and Haber LLP, takes more of an individual, multi-elemental approach. The firm has 40 lawyers, six of whom are partners. Sloan says he finds it helpful to ask each associate about his or her own expectations. "If you've got someone who is growing with you, what we usually do in our firm is we often have a base [salary] with increases" based on performance, says Sloan. "In our firm, anyway, it's sort of an entrepreneurial system." Sloan has been examining the struc- ture of the law firm during the past several years and how an associate fits into that overall scheme. That, inevitably, leads to a conversation about partner- ship. "I'm trying to stay away from that track. Fortunately for me, I'm not just pulling away from that personally. . . . There's a change in the attitude of associ- ates in terms of their review of the part- nership track as the Holy Grail." It's the structure of the firm that's driven him to explore new territory. He points to his corporate clients who don't use the law firm promotion approach, which he describes as diluting the partnership inter- ests by inviting new shareholders to the table through a price that bears no sem- blance to the value of the partnership. In fact, Sloan believes not every producer or contributor needs to be an owner. That then leads him to answer the question: How do you keep an associate? The firm still relies on the old-school methods of examining billable hours and contribution to client development. But again, Sloan turns to corporate clients who use a "very creative package" of compensa- tion methods to retain talent, including bonuses. He is also exploring options like profit sharing for associates. Sanja Sopic practises in the insolvency and restructuring group of Sloan's firm and also does commercial litigation as a second-year associate. She is looking for a variety of things from the firm; they don't necessarily include becoming a partner, although she hasn't eliminated it as a pos- sibility. "A lot of millennials are looking for a work-life balance and they're not willing to put their personal life on hold so much," she explains. Working those extra-long days for which Bay Street is known is not so appealing for many. "In the new legal landscape, there are many ways to have a successful career without having partnership." Sopic doesn't expect a straight career trajectory. Her focus is to contribute to the firm and play a meaningful role by working L AW O F F I C E M A N A G E M E N T By Marg. Bruineman JEANNIE PHAN The individual associate New lawyers are looking for different careers that don't always end in partner. A

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