Bilevel partnerships appeal

Quittner, Jeremy
September 2004
Crain's New York Business;9/27/2004, Vol. 20 Issue 39, p25
This article focuses on the popularity of bilevel partnerships in law. Lawyers generally are known for their lengthy, thoughtful analyses of situations. But the legal profession has moved at record speed in adopting the concept of a two-tier partnership system. Just 15 years ago, a few Midwestern firms began distinguishing between full partners, who share in the firms' equity, and a new breed of nonequity or income partners, who are salaried. Today, all of the largest New York City-based law firms use a two-tier reward system. The number of nonequity partners at the top U.S. law firms jumped 11% in 2003, while the number of equity partners increased only 4%, according to the American Lawyers most recent Am Law 100.


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