Average compensation—all partners rose by 17% in 2021, compared with an increase of 10% in 2020. Ninety-five firms posted increases, compared with 91 the previous year. Seventy-four firms posted double-digit gains, while three posted double-digit losses.

Compensation—all partners is based on the total payout to a firm's entire partnership, regardless of equity status. Because it takes both equity and nonequity partners into account, we consider it to be a more complete assessment than profits per partner, which is based only on distributions to equity partners.