Shechtman Quoted on Equity and Nonequity Partnership Ranks
Pryor Cashman Managing Partner Ronald Shechtman spoke to Law.com about trends in law firms’ equity and nonequity partnership ranks.
The article, “Equity Partnership Numbers Still Stagnant, But Law Firms May Find Reasons to Tinker,” notes that across the legal sector, “equity partner ranks haven't changed much over the last year or so,” and that firms in the Am Law Second Hundred “could expand equity ranks as a recruiting tool.”
Ron discussed the impacts of economic factors in promotion decisions, both equity and nonequity:
Pryor Cashman increased its equity partner ranks by nearly 34% last year, to roughly 47 from about 35, under The American Lawyer’s definition of equity partner. The firm experienced “organic” growth in 2021 based on both merit and need, said Ronald Shechtman, the managing partner.
He said the firm uses the nonequity tier as a two- to three-year transitional stage and that Pryor Cashman is having “another exceptional year” in 2022. There’s nothing right now, including the economic picture, that compels a change in its approach—yet, he said.
“The vagaries of the legal marketplace normally do not determine the decisions we make about the awarded equity partnership. That being said, I can’t address the hypothetical of an extreme change of circumstances,” Shechtman said. “And this seems to be a moment that people are worried about an extreme change in circumstances.”
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