A story in the Wall Street Journal says that reaching the top rung of the law firm ladder may no longer be a guarantee of a secure professional future:
Having trimmed junior lawyers and staff in the years after the economic downturn, some big firms now are fixing a stern eye on partner performance. The firms are keeping close track of how much business lawyers bring in and how many hours they bill. Those with disappointing numbers can have their pay cut or be stripped of their ownership stakes. Others are simply shown the door.
"Law-Firm Partners Face Layoffs" says that while the phenomenon is not universal, at many of the country's 200 top-grossing firms there are partners who are struggling to bill 1,700 hours a year, or even 1,500 hours.