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.
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.
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