"The partnership voted overwhelmingly to approve a non-equity partnership tier to enhance talent acquisition while retaining their traditional lockstep compensation model."
"'In addition to approving the non-equity partnership, the partnership voted overwhelmingly to ratify our lockstep equity model and recommit to the team approach our clients appreciate so much,' said Furci."
Biglaw firms are shifting from single partnership tiers, with a growing trend towards nonequity partnerships evidenced by firms like Cravath and Paul Weiss. Recently, Debevoise & Plimpton announced its creation of a nonequity partner tier while preserving its longstanding lockstep compensation system. Firm presiding partner Peter Furci highlighted that this change aims to attract and retain talent while adhering to their team-oriented model, emphasizing client benefits. As more firms adapt to these new structures, the landscape of partnership within Biglaw is evolving significantly.
Read at Above the Law
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