Rise of the Non-Equity Partner: Behind the Glamour and Controversy in Big Law Firms

For many attorneys, clinching a partnership at a prestigious law firm represents the pinnacle of career success, signifying both recognition and financial reward. However, the traditional path to partnership and what it entails is changing, as a new category known as non-equity partners emerges within the legal industry. Non-equity partners, in contrast to their equity-holding counterparts, do not have a stake in the ownership of the firm. Instead of sharing in the profits beyond a salary, they essentially earn more than associates but significantly less than equity partners. This restructuring in partnership tiers raises questions … Read more

Am Law 100 Firms See Impressive Growth in Income Partner Ranks, Pushing Nonequity Partnerships to New Heights

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 … Read more