Neat discussion of the structure of law firms and the associate “advancement” track.
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It’s interesting you bring that up – a similar problem exists among hedge funds and money managers. The industry has a ridiculous turnover rate because the best traders are constantly being poached or starting their own firms. Asset management is an intellectual skill, and the barrier to entry is low – you can have a phone booth in a garage and call yourself a hedge fund. So it’s even more frantic than law.