Photo: Diego M. Radzinschi/ALM Cleary Creates Nonequity Partner Tier, Calling For 'Innovation and Adaptation'
"We are not doing it to create a different leverage model within the firm," said managing partner Michael Gerstenzang. "We are doing it to create more opportunities in promotion and development."
October 10, 2024 at 09:55 AM
5 minute read
The original version of this story was published on The American Lawyer
Cleary, Gottlieb, Steen & Hamilton is creating a nonequity partnership tier, the firm said Thursday, finding benefits in the two-tier system for lawyer promotion and lawyer development.
Michael Gerstenzang. Courtesy photo. The nonequity tier program is "effective immediately," according to Cleary managing partner Michael Gerstenzang. He said the nonequity tier will see its first candidates when the firm has its annual partnership evaluations, which are currently transpiring. Last year in late October, the firm announced the promotion of 15 lawyers to partner.
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