Attorneys have toiled for years in Big Law firms with the hope that one day they would make partner. The title carries prestige—and money, too.
But in recent years, the promotion to partner hasn't always meant what it used to. A new class of non-equity partner is on the rise. This means these so-called partners-in-name-only don't own a share of the business and generally make a fraction of the compensation of an equity partner.
For some attorneys, this arrangement is just fine, as it gives them an opportunity to build business with the prestigious partner title. But other attorneys aren't happy about it—and they're suing.
Bloomberg Law reporter Justin Henry joins this episode of our podcast, On the Merits, to discuss this Big Law trend and what it means for law firms and lawyers.
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