Key points:
- 87 of the top 100 highest-grossing U.S. law firms now have non-equity partners.
- Paul Weiss expanded partner promotions from 11 in 2023 to 34 in 2025, driven by a new non-equity tier.
- The non-equity model provides firms with flexibility while creating a pay gap between equity and non-equity partners.
The non-equity partner tier, a feature of Big Law for decades, has recently expanded in both size and prominence. Firms like Paul Weiss, Cleary Gottlieb, and WilmerHale have introduced or expanded non-equity ranks, following an industry-wide shift aimed at retaining talent while managing firm profitability.
Paul Weiss, for example, increased its partner promotions from 11 in 2023 to 34 in 2025—a shift directly tied to the firm’s 2024 adoption of a non-equity partner tier. Chairman Brad Karp has emphasized that the tier was necessary to prevent senior associates from being lured away by competitors.
Non-equity partners lack ownership stakes in their firms but often carry significant responsibilities. They typically bill between 1,700 and 2,500 hours annually, yet earn nearly three times less than equity partners. 87 of the 100 largest firms by revenue now have non-equity tiers, with 70 increasing their size since 2021.
The non-equity track offers flexibility for law firms, allowing them to increase partner numbers without diluting profit shares, but also creates a divide in compensation and decision-making power. Kirkland & Ellis, an early pioneer of this model, has used it to fuel rapid revenue growth while maintaining a selective approach to equity partnership.
While some see the rise of non-equity partners as a strategic evolution, others question whether it undermines the traditional partnership model by reducing the incentive for long-term firm investment. With non-equity partners expected to outnumber equity partners soon, the debate over the structure’s long-term impact continues.
