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Law Firms Eager to Increase Nonequity Tiers
Last year saw a "staggering" jump in the number of law firm leaders who said they wanted to increase their nonequity tier going forward, according to one industry analysis.
Now it's clear many of the biggest Big Law players are following through, with several Am Law 100 firms growing their income partner ranks by double-digit percentages in 2023, according to early reporting on the Am Law 200 financials.
Milbank saw more than 50% growth in its nonequity tier; Gibson Dunn & Crutcher's ranks as well as Fried, Frank, Harris, Shriver & Jacobson's swelled by 44%, while Willkie Farr & Gallagher grew its tier by 29%. Additionally, Vinson & Elkins increased its nonequity tier by 25%; Fenwick & West by 18% and Paul Hastings got a 14% boost at that level. These are just a few of the many firms rapidly expanding their nonequity tier.
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