The National Association of Women Lawyers just released its annual report. And the news flash is this: It's not totally depressing.

Women now represent 19 percent of equity partners—a record high, though still a sad showing. For those of us who've been covering women in the legal profession for over a decade, “depressing” is the usual standard. And while 19 percent remains woefully low, women seem to be on a forward march.

To be sure, though, there are plenty of stasis in the NAWL report—it surveyed the Am Law 200 firms, of which 90 completed the form—that would frustrate most female lawyers:

• Though firms have been hiring women and men at almost equal numbers out of law schools, few women make it to partnership: In addition to the relatively low equity partner percentage, women make up just 30 percent of nonequity partners.
• Men outearn women at all levels, from staff lawyers to associates to equity partners. (Women make 90 to 94 percent of men's earning in the same position.)
• Among equity partners, women work just as many hours as men, but their client billings are 92 percent of those of men.
• Men dominate the top earner spots: 97 percent of firms report their top earner is a man, and nearly 70 percent of firms have one or no women in their top 10 earners.
• Women of color (Black, Asian, Latina) represent only 12 percent of women equity partners and about 2 percent of all equity partners.

None of this should surprise anyone, but that 19 percent female equity partner rate still popped out at me. While it might seem paltry—it's been over 20 years since women entered law schools in significant numbers—how exciting that women are now on the brink of breaking the 20 percent threshold?