Any insight on how the Paul, Weiss new two-tier partnership has been / is being implemented? Their Counsel tier seems quite senior compared with some firms so is the idea to transition a load of Counsels to NEP or is there a more formal, selective process?

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My understanding is that it's super early stages of rollout and that for now it's only being used for laterals that they essentially couldn't get if they offer counsel and maybe don't justify equity yet. I'm sure it'll change a lot over time

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Counsel get paid so much there (more than a lot of NEPs) that it’s just a change in name. Don’t know what they’ll do to current counsels but can’t imagine existing counsel would be treated any worse off than a commensurate x year NEP

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My guess is they keep the counsel where they are. It’ll be like Latham.

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IIRC their counsel are sorted (based on seniority, performance, etc.) into three separate bands, with the highest band's TC maxing out around $750k. NEP tend to make a little bit more (but less than an equity partner) with a defined "look" towards when they'll be put up for equity.

I think going forward they'll bifurcate career counsel from folks on the equity track, with NEP giving a more defined path for folks gunning for equity.

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That max is not correct. I know several counsel making over $1 million at PW.

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