Pathway to Partnership - salary or equity?
Last week, during a session with English-speaking women lawyers here in central Paris, someone asked a brilliant and deceptively simple question:
“What are the different types of partnership in law firms?”
Now, this might sound like a straightforward topic—but as with many things in the legal profession, the answer is layered and deeply strategic. In fact, there are at least 16 different types of law firm partners: founding partners, managing partners, salaried partners, equity partners, global partners, local partners, emeritus partners... the list goes on.
But rather than walk you through all sixteen (which would be enough to send anyone to sleep before their next client meeting), I want to zoom in on the two most common—and most impactful—types:
💼 Salaried Partner
💰 Equity Partner
If you're on the path to partnership—or already there—understanding the real difference between these two can help you make smart, strategic decisions about the future of your career.
So, What Is the Difference?
At its core, the distinction is about ownership and risk.
Salaried Partners are paid a fixed annual income. It’s usually a step up from a senior associate role, both in title and in pay, but there is no profit share involved.
Equity Partners own a portion of the firm. Their earnings depend on the firm’s profits—some years might be spectacular, others more modest. But with the profit share comes influence, responsibility, and, often, prestige.
Being an equity partner means buying into the business—not just legally, but emotionally and strategically.
Why Do Law Firms Create This Distinction?
The truth is, partnership is a journey, not a single moment. Firms often use the salaried partner level as a transition zone—a space for high-performing lawyers to begin taking on more responsibility without diving headfirst into firm management and financial risk.
It’s also a space to:
Consolidate your leadership and client development skills
Grow your team and mentor junior lawyers
Deepen your legal expertise
Begin thinking about the firm as a business—not just a place to practice law
From a firm’s perspective, it's a way to structure seniority and develop future leaders. From your perspective, it can be a stepping stone—or a destination, depending on what you want.
How Big Is the Difference in Earnings?
Let’s talk numbers. Because yes, the financial gap between salaried and equity partners is significant—and it varies widely across regions and firm size.
🇺🇸 In the U.S.
Small firms:
Salaried Partner: $150k – $300k
Equity Partner: Double that—and more
Large firms:
Salaried Partner: $300k – $500k
Equity Partner: $1.2M – $3M+
Top-tier firms:
Equity partners can earn over $5 million a year
🇬🇧 In the UK
Small firms:
Salaried Partner: ~£80k
Equity Partner: ~£160k+
Large firms:
Salaried Partner: £150k – £300k
Equity Partner: Often £1.5M – £2M (especially at firms like Linklaters or Clifford Chance)
🇫🇷 In France
Mid-sized firms:
Salaried Partner: €80k – €250k
Equity Partner: Up to €500k
Large firms:
Salaried Partner: €120k – €200k
Equity Partner: €500k – €1.5M+
So yes—the jump can be very lucrative. But it’s not just about money.
The Real Question: What Do You Want?
Becoming an equity partner isn’t for everyone. It comes with incredible rewards, but also real responsibilities—like navigating firm-wide financial decisions, dealing with governance, and sometimes being involved in tough conversations around staffing, strategy, or restructuring.
Some lawyers love that challenge. Others find their joy in the work itself—serving clients, mentoring teams, developing legal strategy—and not in managing the business of the firm.
Here are a few powerful questions to consider:
Are you energised by the idea of leading the business?
Do you want a say in the firm’s long-term direction?
Are you comfortable taking on financial risk for greater reward?
Or would you rather focus on client work, with the stability of a salary and fewer firm-wide obligations?
There is no right answer. The key is to make a conscious choice—based on what lights you up, what you value, and how you want to grow.
What If Equity Isn’t Even an Option?
In some firms, equity partnership is capped or tightly held. If your firm isn’t open to new equity partners—or if the pathway feels opaque—that’s a valuable piece of information.
It may not mean leaving your firm, but it might mean initiating a deeper conversation with leadership, or exploring your options elsewhere.
Your talents, your leadership, your ambition—they deserve room to grow.
Introducing: Pathway to Partnership
If you’re a woman lawyer considering partnership—or already navigating the transition—I’ve created a program just for you.
Pathway to Partnership is a 3-month coaching program designed to:
Help you clarify your partnership goals (and whether equity is right for you)
Strengthen your leadership, business development, and visibility
Equip you with the skills and confidence to succeed—whether you're stepping into partnership or looking to thrive once you're there
If you’re curious, just DM me and we’ll explore together whether it’s the right fit for you.
Final Thought
Whether you choose salaried or equity partnership, what matters most is that it’s a choice. One that’s aligned with your ambitions, your values, and your vision for the future.
The legal profession needs more women at the top—not burned out, boxed in, or discouraged, but leading powerfully and shaping the future of the profession.
And that starts with clarity, courage, and a clear path forward.
Warmly,
Cecilia Poullain