Together with

Table of Contents

• EDITOR’S RAMBLE 🗣

• FEATURED REPORT 📰

• TOGETHER WITH 1440* 🤝

• IN OTHER NEWS 🗞

• AROUND THE WEB 🌐

• STUFF THAT MIGHT HELP YOU 👌

EDITOR’S RAMBLE 🗣

Hey gang — if you’re based in Bristol, come to BARBRI’s Future Lawyers Convention next Wednesday.

I’ll be there delivering a commercial awareness talk. Plus, it’d be a great chance to meet you in real life!

- Idin

FEATURED REPORT 📰

⚖️ Why all partners aren't equal anymore

What’s going on here?

Law firms like Skadden and Ropes & Gray are considering introducing a new “non-equity partner” tier — where lawyers get the partner title, but not ownership of the firm or a share of its profits.

The change comes as firms face intense pressure to keep talent, attract new stars, and stay competitive without blowing up the budget.

Why are law firms doing this?

While many UK firms adopted two-tier partnerships years ago, it’s the US firms that are now playing catch-up.

They’re rethinking their tradition because the non-equity partnership tier can help keep your people happy.

Here are a few reasons how:

💼 Talent retention is getting harder: Firms like Skadden have lost high-profile lawyers to rivals like Kirkland & Ellis — a firm famous for paying top dollar and offering rapid promotions (including to non-equity partner roles).

A non-equity tier lets firms offer the prestige of partnership sooner, without giving up equity or profits straight away. It’s a tool to stop top senior associates from jumping ship.

💸 More flexibility on pay: Most big firms want to reward top performers and attract star hires with competitive pay. But in a firm where you only have equity partners, every partner gets paid from the same profit pool — so there’s less room to offer someone extra without affecting everyone else.

By adding a non-equity tier, firms can offer higher salaries or bonuses to key people without giving them equity or cutting into partner profits.

📊 Better financial control: Giving out equity means sharing profits. For a law firm, that can dilute what existing partners earn.

With a non-equity tier, firms can scale their senior team (and increase billable hours) without weakening the equity pool.

How does this affect law firms as a business?

Adding a non-equity tier changes how firms grow, pay people, and define seniority. Firms like Kirkland & Ellis have hundreds of non-equity partners to essentially create a middle tier between associates and equity partners. Others are now copying that model.

But that means not all “partners” are equal anymore. Some non-equity partners lead teams and bring in work. Others are stuck with an unlikely path to equity. That creates confusion around who really holds power — both inside the firm and for clients.

It also affects firm culture. Partnership used to mean ownership and reward. Now it can mean different things at different firms, which raises questions about fairness, transparency, and what progression actually looks like.

How can you use this in your applications?

🧠 Show you understand how law firms work as businesses: If you get asked about law firm strategy or structure in an interview, you can explain why some firms are rethinking their partner model — and link it to commercial pressures like talent retention, profitability, and client expectations.

Try something like: “Skadden’s looking at a non-equity partner tier to keep hold of top lawyers and offer quicker promotions – without having to give away equity.

It’s a way to grow the team and stay competitive, especially when firms like Kirkland are pulling talent with big pay and more flexible structures.”

💬 Talk about trade-offs: Not everyone agrees the non-equity partner tier is a good thing. Some worry it gives lawyers more responsibility without the rewards — like profit share or a real voice in firm decisions. Others say it can create a two-class system within the partnership, where non-equity partners feel stuck while equity partners hold all the power.

Make sure you understand both sides: both human and business.

📚 Do your homework when applying: Check what the arrangement is at your target firms. Do they already have a non-equity tier? If not, are they under pressure to introduce one? This helps you tailor your answers when you're asked why you're applying to a particular firm, or how you see your long-term career path.

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IN OTHER NEWS 🗞

• 🎬 Disney and Universal are suing AI firm Midjourney for copying characters like Darth Vader and Elsa. They say the tool makes unlicensed images and call it piracy. Midjourney made $300m last year, but experts say the case could be complex because of fair use rules that may be on Midjourney’s side.

• 💰️ A bunch of law firms have raised their newly qualified (NQ) salaries in a fresh wave of pay hikes. DLA Piper bumped NQ pay by £20k to £130k. Ashurst moved to £140k, matching the highest pay for UK firms outside the Magic Circle. Pinsent Masons lifted London NQs to £105k and regional NQs to £66.5k. Now, the pressure’s back on the Magic Circle to make a move.

• 💷 Poundland has been sold for just £1 to US investment firm Gordon Brothers. The American buyers plan to invest £80m and close up to 100 stores as part of a major restructuring. Slaughter and May advised Pepco, the seller, while DLA Piper acted for the buyer, handling both the acquisition and financing. Pinsent Masons also advised Poundland’s directors. With a High Court restructuring plan incoming and thousands of jobs at stake, lawyers will be playing a major role in sorting leases, redundancies, and debts.

AROUND THE WEB 🌐

• 🧠 Curious: An investigation where you can compare yourself to the average

• 🎮 Fun: Play UNO on YouTube using your keyboard

• 🎂 Wholesome: Students are decorating cakes to celebrate their uni rejections

STUFF THAT MIGHT HELP YOU 👌

• 📹️ Free application help: If you're applying to commercial law firms, check out my YouTube channel for actionable tips and an insight into the lifestyle of a commercial lawyer in London.