From Kirkland to Paul Weiss: The Rise of the Non-Equity Partner (Correct)

The non-equity partner tier has been a part of Big Law for nearly half a century. However, the size and prominence on the non-equity tier has grown substantially, and in recent years has become the norm, not the exception.

Non-equity partners are senior attorneys, but unlike equity partners, have minimal or, even more likely, no ownership stake in their law firm. Eighty-seven of the 100 largest law firms by gross revenue have non-equity tiers, and 70 of those have increased in size since 2021, according to data from The American Lawyer. With the current trajectory, there will soon be more non-equity partners than equity partners among the top grossing law firms, and that divide will only continue to widen.

In this video, we explain the non-equity partner tier, how it differs from traditional equity partners, how and why the role was created, and how the non-equity partner became the norm in law firms over just a few decades. Finally, we’ll look at the pros and cons of having a non-equity tier for both the firm and the lawyer.

Video features:

• Justin Henry, Business of Law Reporter, Bloomberg Law
• Bruce MacEwan, Adam Smith, Esq.

(Corrects video to show Williams & Connolly does not have non-equity partners, and Davis Wright Tremaine does).

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