The path from first-year associate to equity partner in a large law firm can vary significantly, ranging from seven years to almost double that, depending on the firm. As more firms create and expand their nonequity tiers, some industry observers and recent litigation suggest this could be lengthening the journey to equity partnership.
Nevertheless, leaders of several prominent firms with nonequity tiers, such as Paul Weiss, McDermott, and Weil, emphasize that the two-tier structure has not made the path to equity longer. In fact, some argue that the “income partner” designation can serve as a better stepping stone to successful equity partnership.
For more detailed insights, read the full article: Nonequity Tiers Are Growing, but These Big Firms Say Path to Equity Remains the Same.