How many law firm partners are nonequity?
Nonequity partners make up close to half the partnership at firms that run two tiers. Among multi-tier firms reporting to NALP, 44.3 percent of partners were nonequity in 2025, up from 38.7 percent in 2011 among the firms reporting each year, according to the NALP 2025 Report on Diversity in U.S. Law Firms. The equity share has slipped in most years since, with a few small reversals. In some cases firms did not update their 2024 figures for 2025.
A résumé that says Partner at a two-tier firm tells you less than it used to. There, that title comes without equity close to half the time.
- 2011
- Equity partners
- 12,396
- Nonequity partners
- 7,842
- Nonequity share
- 38.7%
- 2012
- Equity partners
- 13,864
- Nonequity partners
- 8,992
- Nonequity share
- 39.3%
- 2013
- Equity partners
- 13,760
- Nonequity partners
- 9,101
- Nonequity share
- 39.8%
- 2014
- Equity partners
- 13,508
- Nonequity partners
- 8,968
- Nonequity share
- 39.9%
- 2015
- Equity partners
- 13,078
- Nonequity partners
- 9,369
- Nonequity share
- 41.7%
- 2016
- Equity partners
- 13,323
- Nonequity partners
- 9,278
- Nonequity share
- 41.1%
- 2017
- Equity partners
- 12,630
- Nonequity partners
- 8,720
- Nonequity share
- 40.8%
- 2018
- Equity partners
- 12,067
- Nonequity partners
- 8,959
- Nonequity share
- 42.6%
- 2019
- Equity partners
- 11,633
- Nonequity partners
- 8,675
- Nonequity share
- 42.7%
- 2020
- Equity partners
- 9,581
- Nonequity partners
- 7,588
- Nonequity share
- 44.2%
- 2021
- Equity partners
- 10,129
- Nonequity partners
- 7,594
- Nonequity share
- 42.8%
- 2022
- Equity partners
- 10,067
- Nonequity partners
- 7,218
- Nonequity share
- 41.8%
- 2023
- Equity partners
- 11,657
- Nonequity partners
- 8,715
- Nonequity share
- 42.8%
- 2024
- Equity partners
- 11,936
- Nonequity partners
- 9,276
- Nonequity share
- 43.7%
- 2025
- Equity partners
- 11,154
- Nonequity partners
- 8,882
- Nonequity share
- 44.3%
| Year | Equity partners | Nonequity partners | Nonequity share |
|---|---|---|---|
| 2011 | 12,396 | 7,842 | 38.7% |
| 2012 | 13,864 | 8,992 | 39.3% |
| 2013 | 13,760 | 9,101 | 39.8% |
| 2014 | 13,508 | 8,968 | 39.9% |
| 2015 | 13,078 | 9,369 | 41.7% |
| 2016 | 13,323 | 9,278 | 41.1% |
| 2017 | 12,630 | 8,720 | 40.8% |
| 2018 | 12,067 | 8,959 | 42.6% |
| 2019 | 11,633 | 8,675 | 42.7% |
| 2020 | 9,581 | 7,588 | 44.2% |
| 2021 | 10,129 | 7,594 | 42.8% |
| 2022 | 10,067 | 7,218 | 41.8% |
| 2023 | 11,657 | 8,715 | 42.8% |
| 2024 | 11,936 | 9,276 | 43.7% |
| 2025 | 11,154 | 8,882 | 44.3% |
Are more firms adding a second tier?
NALP notes that firms are increasingly introducing two-tier partnerships. In our searches, the tier is now part of the question in partner conversations.
Does the partner title still signal a portable practice?
A partner search looks for a lawyer with a portable practice and clients who'll follow them through the door. Equity on the partnership agreement is a decent proxy for that, but the title by itself isn't, and hasn't been for a while.
Here's what we're seeing in our partner searches: title and substance regularly don't match. A Partner with little real origination and a book that belongs to the platform looks very different on paper than in lateral diligence. So does a nonequity partner with a portable practice that a hiring firm underrated because of the label. The economics tell you more than the title.
What is de-equitization?
De-equitization means moving an equity partner off the equity tier. In our experience it gets less attention than new tiers, because it rarely comes with an announcement. In our partner searches, we hear of firms narrowing equity to protect profits per partner.
A de-equitized partner is easy to miss. A partner can lose equity without changing firm or title, so the first sign anyone outside sees is a sudden willingness to take a call. Some of the strongest partner candidates we talk to in 2026 have the same business card and smaller economics.
What should you ask about a partner's equity before a lateral move?
Treat the title as the first question. Is the partner equity or nonequity? If nonequity, is there a path to equity, or is the tier the destination? What does origination credit come to in practice? Have the capital account or the points moved in the last two cycles, and why?
Before a hiring firm meets a name-brand partner, it should be able to say what moves with this person and who at the current firm would dispute it. A vague answer means the firm is paying for the title.