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Articles by Nonequity Partners
Are Nonequity Partners Getting A Bum Deal On Compensation?
There are lots of flaws with Biglaw, but, one of the virtues is the transparency on compensation. When it comes to the associate ranks, the majority of top firms have a very clear salary and bonus schedule and, for the most part, firms are up front about the conditions needed to take home the cash on the grid. But all that changes when you make partner. Obviously, the ranks of equity partnership are paid with often byzantine formulas that are queued off of profits.
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 Create More 'Promotion And Development' Opportunities For Attorney 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.
What Biglaw Really Needs Is More Nonequity Partners
(Image via Getty) Ed. Note: Welcome to our daily feature Trivia Question of the Day! According to Citi Global Wealth at Work law firm group, how much is income partner headcount growth up in the first half of 2024? Hint: While income partner headcount is up this year, Citi tracked a decline in equity partner head count. See the answer on the next page.
What Biglaw Really Needs Is More Nonequity Partners
* Citi says the Am Law 50 enjoyed much higher demand than the competition over the first half of 2024. Other indicators had the same sector way behind after Q1 so this would be a monster Q2. [American Lawyer] * Fifth Circuit rules that employers can ignore minimum wage if employees do any amount of work that might possibly get a tip. [Law360] * Elon Musk sending subpoenas to public interest groups as part of his “iT sHOuld Be UnlEgAl nOt tO adVerTiSe wITh mE” gambit.
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.
When These Biglaw Firms Say You're A Partner, They Mean It
Ed. Note: Welcome to our daily feature Trivia Question of the Day! According to data collected by American Lawyer, which Biglaw firms in the Am Law 100 only have equity partners? Hint: There are 16 firms in the top 100 with only one class of partner. See the answer on the next page.
That's A Whole Lotta Nonequity Partners
Ed. Note: Welcome to our daily feature Trivia Question of the Day! According to reporting by ALM, which Biglaw firm saw the nonequity tier of partnership increase by a staggering 51% in 2023 — in a year where many Biglaw firms increased their nonequity partnership ranks, this is the largest increase documented so far? Hint: The firm had a stellar year last year with revenue up 18% and profits up by 19%. See the answer on the next page.
The Real Story Behind Nonequity Partner Compensation Original
Ed. Note: Welcome to our daily feature Trivia Question of the Day! According to Law360 Pulse’s inaugural Law Firm Compensation Survey, at firms with 600+ attorneys, what was the average compensation for nonequity partners? Hint: Overall average nonequity partner compensation was $350,000, but at larger firms, those partners are, on average, pulling down bigger salaries. See the answer on the next page. Topics Biglaw, Money, Nonequity Partners, Trivia Question of the Day
Nonequity Partners Are The Future Of Biglaw
Ed. Note: Welcome to our daily feature Trivia Question of the Day! According to a 2024 Client Advisory from Hildebrandt Consulting and Citi Law Firm Group, what percentage of large law firms said they plan on expanding their income partner ranks through 2025? Hint: The report describes this as a “staggering jump” in the amount of firms planning on growing the non equity partner population. See the answer on the next page. Biglaw, Nonequity Partners, Trivia Question of the Day
Biglaw Firms Planning To Expand Their Nonequity Partner Ranks In A Big Way
Ed. note: Welcome to our daily feature, Quote of the Day. I talked to one guy who heads a big New York firm, who said ‘We just have to invest in the people [we already have], or at least show them a career path, or we’re gonna lose them.
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