BigLaw Equity Partner Pay Gap Widens with 40-to-1 Ratios
BigLaw equity partner pay gaps widen in 2025, with ratios up to 40-to-1.
Why it matters: Understanding these pay disparities helps legal professionals and firms navigate career strategies, compensation benchmarking, and retention efforts.
- Average profits per equity partner (PEP) in Am Law 100 firms rose 14% to $3.59 million in 2025.
- Wachtell, Lipton, Rosen & Katz leads with a $12.15 million PEP, first to pass $12M.
- The average equity partner pay ratio is 12.3-to-1, with one firm hitting 40-to-1 disparities.
- Non-equity partners now make up 50.9% of all partners in Am Law 100 firms, reflecting shifting partnership dynamics.
Recent data from 2025 reveals a growing economic divide within BigLaw equity partnerships. While the average profits per equity partner (PEP) across the Am Law 100 firms increased by 14% to $3.59 million, the top earners continue to command exceptionally high payouts.
Wachtell, Lipton, Rosen & Katz set a new standard with a $12.15 million PEP, becoming the first firm to surpass $12 million for equity partner profits. Kirkland & Ellis also made headlines with $11.12 million PEP, backed by a record-breaking $10 billion in annual revenue. Other top firms include Davis Polk & Wardwell ($9.80 million), Quinn Emanuel Urquhart & Sullivan ($9.55 million), and Gibson, Dunn & Crutcher ($8.89 million).
Despite these peaks, the average pay ratio among equity partners within Am Law 100 firms reached 12.3-to-1, signaling a widening gap between the highest and lowest earners inside firms. Notably, one firm reported a startling 40-to-1 pay ratio, highlighting exceptional disparities at the upper tier.
These growing differences coincide with a shift in partnership structures: non-equity partners now represent 50.9% of all partners, suggesting firms are cautious about expanding equity rosters. "The trend is clearly: firms are becoming much more careful [about expanding in their equity tier]," said Blane Prescott, Managing Shareholder at MesaFive.
Concurrently, partner billing rates increased by 16% in 2025 at the 50 largest U.S. law firms, with some senior partners billing as much as $3,400 an hour. These dynamics contribute both to rising profits for top-tier partners and to compensation stratification across firms.
This changing landscape has implications for legal professionals and firm management alike, necessitating close attention to compensation benchmarks and partnership economics as BigLaw evolves.
By the numbers:
- $3.59M — Average profits per equity partner in Am Law 100 (2025)
- 12.3-to-1 — Average equity partner pay ratio in Am Law 100 (2025)
- 40-to-1 — Highest reported equity partner pay ratio in a single firm
Yes, but: While the pay gap within equity partners is widening, the increased share of non-equity partners indicates efforts to balance partnership growth and profitability.
What's next: Law firms may continue scrutinizing equity partner expansion and compensation models amid growing disparities and billing rate increases.