Fewer lawyers are reaching the pot of gold at the end of an increasingly long partnership track. During the past decade, the real partnership has shrunk. In 2000, the top 10 Am Law 100 firms reported that equity partners made up 27.03 percent of their overall headcount; in 2009, that figure was 19.75 percent. Many firms have used the nonequity tier to put off tough decisions about underperformers, but in these tighter economic times, nonequity partners are facing more pressure to "find new opportunities," recruiters say.
January 07, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
When the U.S. Equal Employment Opportunity Commission filed suit against Sidley Austin in 2005 on behalf of 32 former partners, the demoted lawyers made an oddly humble argument. They said they were protected under the federal age-discrimination statute as mere employees because, despite their title, they lacked the “indicia” of partnership.
It wasn’t a bad point. With so many firms being run by centralized management teams, are most partners really employers or business owners?
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