While the one-tier partnership model ruled for a long period of time, today’s competitive challenges exposed its limitations, particularly in terms of talent recruiting and retention, as well as client acquisition.
December 14, 2023 at 04:30 PM
7 minute read
The original version of this story was published on Law.com
More elite law firms, including the recent addition of Cravath Swaine & Moore, are introducing two-tier partnership structures. This approach, inspired by early movers like Kirkland & Ellis, has gained wider acceptance as a key tool for increasing profitability, as well as talent acquisition and retention. Let’s explore how this model is reshaping law firm dynamics, offering new opportunities and challenges in the war for legal talent.
Historical Context of Law Firm Partnership Structures
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