The finish line to becoming an equity partner at a Big Law firm is perpetually shifting, extending the track from associate to equity partner as firm competition for clients continues to heat up.
There are two ways to look at this phenomenon: Firms are prolonging attorney stints in lower costing roles, such as counsel and nonequity partnerships, to increase profits and equity partner pay, or the heat of competition is forcing firms to reevaluate what being an owner and sharing the firm’s profits should entail.
