Monday, April 16, 2007

More law firms are "promoting" associates to "non-equity" partnership


There's not much of a change in the approach that large firms are making to partnership admissions, but there is a continuing trend toward the expansion of nonequity partnership classes as opposed to equity partnership," said Richard Gary, chairman of Thelen Reid & Priest from 1992 to 2003 and now principal of Gary Advisors, a law firm consultancy in Tiburon, Calif.

. . .

And as firms move greater numbers of attorneys into nonequity status to keep profits per partner high, they may be more tight-lipped about the strategy.

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