Law firms in the Am Law 100 are experiencing significant growth in their income partner ranks, with double-digit percentage increases in 2023. According to early reporting on the Am Law 200 financials, several prominent firms saw substantial growth in their nonequity partner tier. Among the firms with the largest percentage gains were Milbank, Gibson Dunn, and Fried Frank. While some of these firms started with lower nonequity numbers, their intentional and targeted growth aims to improve retention within this partner tier.
This surge in nonequity partner growth comes after a significant number of law firm leaders expressed their desire to increase the size of their nonequity partner ranks. This increase was noted in an industry analysis conducted last year. The reported growth reflects the commitment of these firms to expand and strengthen this important tier within their organizations.
The rise in nonequity partner numbers is influenced by various factors. One such factor is the desire of firms to retain valuable talent and provide increased opportunities for advancement. By expanding the nonequity partner tier, firms can offer more attractive career paths for their attorneys, encouraging them to stay with the firm long-term.
These developments in the legal industry highlight the importance of the nonequity partner tier and its role in the continued success of law firms. The growth in this tier is a strategic move by firms to adapt to changing market dynamics and retain top talent. As the legal landscape continues to evolve, firms recognize the value of investing in their nonequity partners and providing them with opportunities for professional growth and advancement.