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The decision at Shearman & Sterling to de-equitize some partners is making headlines. It fits into a broader trend of Am Law 200 firms becoming increasingly reliant on salaried partners. ALM Intelligence analysis reveals, since FY10, the compound annual growth rate (CAGR) in number of non-equity partners (defined as those who receive more than half their compensation on a fixed-income basis) has eclipsed that of equity partners within every level of the Am Law 200 (Figure 1).

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