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Despite Increasing Profits, Law Firms Are Keeping Tight Grip On Equity Tier Partnership
There’s no doubt many firms put together outstanding financial performances last year. Still, many bottom lines are getting a boost from flat or negative equity partner growth.
Am Law 100 firms have kept a tight grip on the brass ring lately. While nonequity tiers have continued to balloon, the top-100 equity partner total slightly declined in 2023. And it appears that trend continued through 2024, whether it was due to retirements, lateral exits, de-equitizations, closer management of the partnership or all of the above.
Among 18 a sample of Am Law 200 law firms with reported financials so far, 16 had an average profits per equity partner (PEP) increase of more than 10%, according to an American Lawyer analysis. (Ten had an average PEP rise of more than 20%.)
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