For decades, BigLaw partnership compensation had the reassuring predictability of a Swiss watch. Progress through lockstep. Accumulate seniority. Collect your reward. Repeat.
That model isn't dead. But the announcement in February 2026 that Freshfields, the world's 13th largest firm by gross revenue, and an institution that maintained an all-equity partnership for its entire existence, was introducing a nonequity partner tier while simultaneously stretching its lockstep to reward higher earners at the top of the pay scale, made something abundantly clear.
The Pay Reset is Now
Freshfields isn't alone. Cravath created a salaried partner tier in November 2023, and that move gave other highly-ranked firms permission to follow suit — Paul Weiss, WilmerHale, Cleary, Skadden, Debevoise, and Sullivan & Cromwell have all introduced nonequity tiers in the two years since.
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