September 10, 2025 — In the evolving landscape of BigLaw, single-tier, all-equity partnerships are rapidly becoming rare. Most leading firms have already introduced nonequity, or “salaried,” partner tiers—and several that still maintain a traditional model are now considering change.
The Two-Tier Model Takes Over
Historically, all-equity partnerships—where every partner owns a stake in the firm—were the norm among elite U.S. law firms. Cravath, for instance, was among the last holdouts until November 2023, when it quietly introduced a salaried partner tier. This shift set off a cascade of similar moves:
- Paul Weiss launched its two-tier partnership structure in March 2024.
- WilmerHale followed in August 2024, adding a nonequity tier to enhance flexibility in talent acquisition and retention.
- Cleary Gottlieb, adopting a similar approach, introduced its new platform in October 2024 focused on expanding promotion and development opportunities.
- Schulte Roth & Zabel added an income (nonequity) tier in early 2025, with a modest number of appointments to start.
- Concurrently, Skadden Arps began considering a salaried partner structure in February 2025.
- Ropes & Gray, one of the highest-grossing firms remaining all-equity, is also weighing the possibility of introducing a nonequity tier as of mid-2025.
Recent Developments at Debevoise & Plimpton
Most notably, Debevoise & Plimpton — ranked no. 33 by gross revenue — announced in June 2025 that it will introduce a nonequity partner tier. Importantly, it will retain its lockstep compensation structure among equity partners. The firm noted that the tier was created to aid in talent acquisition and retention while preserving the collaborative team model that clients value
According to Financial Times, the industry’s shift toward salaried partnerships — popularly referred to as “Kirklandisation,” inspired by the pioneering approach of Kirkland & Ellis — has become nearly universal. As of June 2025, 87 of the top 100 U.S. law firms have adopted non-equity tiers.
Why the Two-Tier Model Is Dominating
Economic Strategy: Introducing non-equity partners offers a way to reward high-performing associates with partner status—boosting morale and retention—without diluting equity or reducing profits for existing equity partners
Talent Dynamics: Firms gain flexibility to attract top legal talent by offering a partnership title earlier in careers, creating a powerful incentive in a competitive market.
Structural Trends: Data points to a sweeping industry trend: by mid-2025, single-tier firms are becoming the exception rather than the rule.
Still Holding Out — But for How Long?
A small group of prestigious firms still maintain all-equity partnerships. According to recent community insight, these include:
- Wachtell, Lipton, Rosen & Katz
- Davis Polk & Wardwell
- Sullivan & Cromwell
- Arnold & Porter
- Susman Godfrey
- Jones Day
- Taft
- Kellogg Hansen (though not technically AmLaw 100)
- Ropes & Gray (now considering change)
- Debevoise & Plimpton (recently transitioned).
However, with the momentum toward tiered structures, even these firms may eventually adopt similar models.
Looking Ahead
As of early September 2025, only a handful of major U.S. law firms persist with traditional single-tier partnerships. Yet, the broader movement is unmistakable:
- The Kirkland model has fundamentally reshaped partnership economics.
- Many firms are now offering “partner” titles as part of strategic retention and hiring initiatives.
- Even the most staunch defenders of the equity-only model are evaluating alternatives in response to competitive pressures.
Conclusion
For now, few Big Law firms remain single-tier—but the trendlines suggest change is not just possible, it’s probable.
JDJournal will continue monitoring these structural shifts. If your firm is undergoing a partnership overhaul or contemplating a move to a two-tier model, we welcome your insights and commentary.
