The landscape of Biglaw firms is shifting towards the inclusion of nonequity partners as firms face competitive pressures in attracting legal talent. Following Cravath's establishment of a salaried partner tier in late 2023, several notable firms like Paul Weiss and WilmerHale are also implementing similar structures. Now, Skadden, a top firm by revenue, is contemplating the addition of a salaried partner tier as it addresses recent talent outflows to firms with this model. By the end of 2025, major law firms may see more nonequity than equity partners, marking a significant change in firm structures.
Cravath led the way in establishing a salaried partner tier, allowing firms to stay competitive while retaining profits for equity partners, a novel approach.
As Skadden considers adopting a nonequity partnership tier, its decision may be crucial in the ongoing battle for legal talent among top firms.
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