Credit: Nuthawut/Adobe Stock As Nonequity Tiers Give Greater 'Compensation Flexibility,' Other Law Firms Will Likely Follow Wilmer
"There's a certain inevitability to it. These firms all need a mechanism for being able to increase the compensation of their highest performers," noted one recruiter.
August 23, 2024 at 06:00 AM
5 minute read
What You Need to Know
- Wilmer confirmed Wednesday that it was creating a nonequity tier. Others are considering the same move, some sources say.
- Industry observers say a nonequity tier can help firms in the talent war, among other benefits.
- Several other firms in D.C., including Arnold & Porter, Williams & Connolly and Covington, have a single-tier partnership.
As pressure builds to retain and recruit the best lawyer talent, large law firms with single-tier partnerships are increasingly considering nonequity partners. Wilmer Cutler Pickering Hale and Dorr likely won't be the last big firm in the near future to launch a non-equity tier.
Other single-tier firms are considering a change, said one recruiter, who declined to specify which other firms.
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