What’s Driving Biglaw’s Sudden Urge To Create Nonequity Partnership Tiers?
You won't be shocked to find out that at most firms, it's all about the money. The post What’s Driving Biglaw’s Sudden Urge To Create Nonequity Partnership Tiers? appeared first on Above the Law.
Ed. note: Welcome to our daily feature, Quote of the Day.
The trend won’t slow. It increases firms’ profitability as it ups leverage and typically lengthens the path to equity partnership. You have people who are [between 9 and 11] or 12 years out of law school billing thousands of hours at a high billing rate and getting paid substantially less than an equity partner.
— Michael Parrillo, recruiter and founder of Parrillo Search Group, in comments given to the American Lawyer, on what may be a driving force behind Biglaw firms’ decision to move away from single-tier partnerships to launch nonequity partnership tiers. As further noted by Parrillo, nonequity partners are “a significant profit driver” because they work so hard.
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Bluesky, X/Twitter, and Threads, or connect with her on LinkedIn.
The post What’s Driving Biglaw’s Sudden Urge To Create Nonequity Partnership Tiers? appeared first on Above the Law.
