Ed.
note:
Welcome
to
our
daily
feature,
Quote
of
the
Day.
The
trend
won’t
slow.
It
increases
firms’
profitability
as
it
ups
leverage
and
typically
lengthens
the
path
to
equity
partnership.
You
have
people
who
are
[between
9
and
11]
or
12
years
out
of
law
school
billing
thousands
of
hours
at
a
high
billing
rate
and
getting
paid
substantially
less
than
an
equity
partner.
—
Michael
Parrillo,
recruiter
and
founder
of
Parrillo
Search
Group,
in
comments
given
to
the
American
Lawyer,
on
what
may
be
a
driving
force
behind
Biglaw
firms’
decision
to
move
away
from
single-tier
partnerships
to
launch
nonequity
partnership
tiers.
As
further
noted
by
Parrillo,
nonequity
partners
are
“a
significant
profit
driver”
because
they
work
so
hard.
Staci
Zaretsky is
a
senior
editor
at
Above
the
Law,
where
she’s
worked
since
2011.
She’d
love
to
hear
from
you,
so
please
feel
free
to
email
her
with
any
tips,
questions,
comments,
or
critiques.
You
can
follow
her
on Bluesky, X/Twitter,
and Threads, or
connect
with
her
on LinkedIn.