(Credit: Andrii/Adobe Stock) Few Big Law Firms With Single-Tier Partnerships Are Left. They Aren't Talking About It.
Some law firms with a single-tier partnership structure say they aren't moving away from it, at least for now. Still, many single-tier firms don't want to openly discuss their structure.
July 02, 2024 at 05:00 AM
5 minute read
What You Need to Know
- Nonequity tiers continue to grow in Big Law, but there are fewer and fewer firms that have yet to cross the barrier.
- Most of those firms were reluctant to discuss the reasoning behind their operational choice.
- Despite the profit issues at play, there are also benefits for law firms that would like to keep their single-tier systems going.
As large law firms increasingly create and expand their nonequity partnership tiers, the number of single-tier partnership firms is dwindling. Only about 15 law firms in the Am Law 100 operate with a single tier now—two fewer compared with just a few years ago, when Cravath Swaine & Moore and Paul, Weiss, Rifkind, Wharton & Garrison hadn't yet added nonequity partners.
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