We like two-tiered partnership structures and, for most law firms, they make a lot of sense for a lot of reasons.
Simply stated, owners of law firms should act and contribute like owners, not employees. And that means, among other things, mentoring younger lawyers, active participation in governance, and a book of business. There’s more to it than time served.
The two-tiered structure enables the firm to keep competent legal technicians who’ve been around awhile and have much to contribute – but don’t bring what it takes to be an owner – on the payroll.