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Advantages and Limitations of a Two-Tier Partnership Structure
More elite law firms, including the recent addition of Cravath Swaine & Moore, are introducing two-tier partnership structures. This approach, inspired by early movers like Kirkland & Ellis, has gained wider acceptance as a key tool for increasing profitability, as well as talent acquisition and retention. Let's explore how this model is reshaping law firm dynamics, offering new opportunities and challenges in the war for legal talent.
Historical Context of Law Firm Partnership Structures
For much of the 20th century, the legal profession adhered to a traditional, one-tier equity partnership model. Under this model, partners were compensated through a "lockstep" system, where earnings and seniority progressed in a tightly coordinated and predictable manner.
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