Landing the distinction of law firm partner has traditionally been the holy grail for many attorneys. Not only do partners have an ownership interest in the law firm's business and investments, but partners also get to vote on important firm issues.

In the old days, attaining partner status was the result of a purely lock-step system -- an almost automatic reward for attorneys who put in the requisite number of years at a firm. The time track was measured by years of service (often about six to eight years) at the firm or at least years of total professional experience. That partnership system was often characterized as "up or out" -- if you weren't elected to the partnership the year you were up, you had to leave the firm altogether.

But in the last 10 to 20 years, things have changed in the law firm world. Larger profits per partner have translated into a much higher threshold for partnership. Many lawyers have found that the time track for even being nominated for partnership has lengthened -- to as many as 10 years. In addition, many firms have added several tiers of partnership beyond just full equity partner status.

Today, being elected partner is in no way guaranteed simply by tenure -- the decision is based on far more merit-based criteria. At the same time, the "up or out" philosophy is largely gone, leaving room in many law firms for talented lawyers who aren't quite full partnership material.

For example, one way law firms can defer partnership is to create several classes of lawyers beyond just the straight partner-associate designation. Elevating attorneys to an "of counsel" or "senior/special counsel" position is a way to retain good lawyers who don't bring in business but do contribute to the firm in terms of grinding out the work and training junior associates. Those lawyers usually earn significantly more than associates, but don't have an ownership interest or vote in the firm the way partners do.

In addition, at the partnership level, many firms now have "salaried" or "non-equity" partners -- attorneys who get the title of partner (important for business development purposes) and are well paid, but don't get the true financial upside or internal prestige of being a full equity partner. These partners also may not get a vote on firm issues. Some non-equity partners may be allowed to work more limited hours, a good option for lawyers who are also parents.

Unlike the old days, every firm handles partnership election differently. (One loose rule of thumb: the larger the firm, the more rigid the partnership track and criteria. Smaller firms can sometimes be more flexible.) As a result, a lawyer's partnership chances are highly unpredictable. Today, whether you make partner will depend not just on the quality of your work or even your book (or potential book) of business. Your election will also hang on the economic health of the firm at the time you're nominated, how many other attorneys are also up for partner that year and how busy your department is.

Most law firms should have a specific and thorough program of performance evaluation so you always know how you are doing relative to the firm's stated partnership criteria. If you're unclear about that criteria, request full disclosure. At the same time, don't forget to let the firm know what your professional goals are. While partnership may still be the holy grail, consider whether spending a year or two in a special counsel position to beef up your practice and book of business will increase your chances for being elected a full equity partner the following year. Luckily, these days, that may be an option.