The trend towards nonequity partnership tiers in Biglaw firms has gained momentum, with firms like Cravath pioneering the change in 2023. The movement has prompted several prestigious firms to follow suit, including Paul Weiss, WilmerHale, and Cleary, with Ropes & Gray now considering the option as well. This shift signifies a major transformation in the legal industry where nonequity partners could outnumber equity partners by 2025. As firms assess their structures, the focus remains on meeting client needs and attracting talent.
Ropes & Gray, the #7 firm in the country by gross revenue, is considering the shift to a nonequity partner tier against a tide of similar moves by rivals.
The largest law firms in America could soon have more nonequity partners than equity partners by the end of 2025.
Collection
[
|
...
]