Cleary Gottlieb Adds Non-Equity Partners as Industry Shifts (1)

Cleary Gottlieb will start naming non-equity partners, following rivals that use the classification to retain top associate talent.

Cleary recognizes the “innovation and adaptation” occurring across the legal industry, managing partner Michael Gerstenzang said in an interview. The firm’s goal is “to create more opportunities for people to become equity partners,” he said.

Paul Weiss, WilmerHale, and Cravath Swaine & Moore are among Cleary’s Big Law competitors that added the tier in recent years. Non-equity roles help firms retain mid-level lawyers who aren’t ready for a top promotion while protecting firm profits for the brightest stars.

While the non-equity role ...