Credit: STILLFX/Shutterstock.com 'Fake Partners': These Holdout Law Firms Are Sticking With Single-Tier Partnerships
"Some partners feel like lesser-class citizens than other partners" in some two-tier partnerships, noted one Am Law 200 firm leader.
July 22, 2024 at 05:00 AM
7 minute read
The original version of this story was published on The American Lawyer
What You Need to Know
- While many firms are moving to create and expand their nonequity ranks, several Second Hundred firms are retaining the single-tier model.
- Some of these firm leaders say the nonequity partnership tier has the potential to be internally problematic.
- However, recruiters say nonequity partnerships are becoming increasingly valuable tools for recruiting and retaining star talent.
While most law firms in the Am Law 100 have created and expanded a nonequity partnership tier, several law firms in the Second Hundred are retaining the single-tier model, as least for now. A range of firms such as FisherBroyles, Cleveland-based Tucker Ellis, New Orleans-based Phelps Dunbar and Los Angeles-based Irell & Manella all have one partnership tier.
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