The two-tiered partnership structure being adopted by an increasing number of global law firms has existed at Australian firms for decades.
Several firms say they have had both salaried and equity partners for many years, first promoting lawyers to a non-equity partner status until they have proven they can bring in business and justify becoming an equity partner. That way, they can promote lawyers without the risk of diluting the equity pool, and give associates more time to prove themselves, they say.
