More elite law firms, including the recent addition of Cravath Swaine & Moore, are introducing two-tier partnership structures. This approach, inspired by early movers like Kirkland & Ellis, has gained wider acceptance as a key tool for increasing profitability, as well as talent acquisition and retention. Let’s explore how this model is reshaping law firm dynamics, offering new opportunities and challenges in the war for legal talent.
Historical Context of Law Firm Partnership Structures
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