Credit: Andrey Popov / AdobeStock Firms Confront Tough Questions About Single-Tier Partnerships in Wake of Surging Profits
The decision to add a non-equity tier is often a play to compete for senior associate and counsel-level talent by offering the title of partner without diluting shares of the firm's equity, so firms can continue to pay for top-performing talent.
October 31, 2023 at 05:00 AM
6 minute read
Law Firm Partners
The financial performance of the U.S.'s highest earning law firms over the last three years has highlighted the disparities in profitability between different practice areas. As profits have grown, these firms have questioned whether their equity tier of partners can sustain such wide disparities in financial contribution.
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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