Cravath was one of the first longtime holdouts to cut bait and create a 'salaried partner tier' (i.e., nonequity partners) back in November 2023.
Gerstenzang said the nonequity tier will see its first candidates when the firm has its annual partnership evaluations, which are currently transpiring.
'It is meaningful to say that we think Big Law is in a period that calls for innovation and adaptation,' Gerstenzang said in an interview.
Overall, he said Cleary is not looking for a certain critical mass (or percentage of the partnership) to be non-equity.
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