For a very long time, being partner at a law firm meant something. Equity partners were all in it together, sharing the firm’s risks and benefits. Over time the title has diluted — as non-equity “partnerships” became fancy versions of what used to be Counsel positions. Worse, they’re often career dead-ends for women and minorities that the firm can present as “partners” without actually sharing the wealth. After holding out for years, Cravath has decided to join in on the two-tier partner wave.
