The allure of making partner doesn't hold the same appeal that it used to for many Big Law associates. Some of them are swallowing a pay cut to jump to a smaller firm.

That's according to Major, Lindsey & Africa partner and recruiter Kate Reder Sheikh, who wrote about the trend for Bloomberg Law. She spoke to Bloomberg Law editor Jessie Kokrda Kamens for our podcast, On The Merits, about why some associates are forgoing the riches of partnership and exit the Big Law universe.

"The pay is going to be half of Big Law," she said, "but it's very appealing to a lot of people to stay at a firm but be doing work that they're genuinely excited to get out of bed and do in the morning."

Reder Sheikh also shared her thoughts on the shifting power balance at Big Law firms, the rise of nonequity partnerships, and whether junior lawyers should expect their firms to match Milbank LLP's summer bonuses.

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