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Articles by Non-Equity Partners
Biglaw Bonus Season Arrives!
* Alina Habba could move from parking garage lawyer to White House Press Secretary. [The Independent] * Court orders Oakland to stop calling its airport “San Francisco Bay Oakland” even though it is, quite literally, on San Francisco Bay. This is the disrespect that happens when you lose all your sports teams. [Law360] * Federal judge decides to unretire following the election.
Non-Equity Partners Are 'Partners' For Covering Firm Costs But Not Partners For Pay
When I wrote “Repeat After Me, ‘Partnership Without Equity Is Not A Partnership’” back in 2019, my complaint with the growing and shady effort to recast what were once senior associates and counsel as non-equity “partners” was that it was a dubious title trading short-term vanity for cheap. Little did I realize there was an even cheaper way to sell out.
Top 50 Biglaw Firm Creates Nonequity Partnership Tier To 'Attract, Promote, And Retain' Talent
Biglaw firms with single partnership tiers are now few and far between, with more big-name firms showing that they’re ready, willing, and able to welcome nonequity partners to their ranks. Cravath was one of the first longtime holdouts to cut bait and create a “salaried partner tier” (i.e., nonequity partners) back in November 2023.
Paul Weiss Creates Non-Equity Partnership Tier To Remain 'Competitive' In The Market
Surf’s up, Biglaw! More big-name firms are now ready to ride the two-tier partnership wave, and other firms may be testing the waters soon. Cravath was one of the first longtime holdouts to cut bait and create a “salaried partner tier” (i.e., non-equity partners) back in November. Now, Paul Weiss — a firm that’s ranked near the tippy top of the Am Law 100 — is ready to do the same.
Making Partner Is Not As Awesome As You’d Think
For many attorneys, becoming a partner at a well-regarded law firm is a major career milestone. Numerous lawyers strive to become partners, since they want to be part of the management of a law firm rather than merely employees. In addition, many attorneys think that becoming a partner will ensure that they earn more money and live a more comfortable life. However, from my own personal experiences, becoming a partner at many law firms is not as awesome as you’d think.
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