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My firm added one 5-10 yrs ago. It has contributed to great profits for the EPs so as an EP I am supportive.
The title change helps the NEP build out his/her book of business so he/she can make EP. As a “partner,” the NEP can typically charge a higher rate than a Sr. Assoc. or Of Counsel, which allows the firm to pay the NEP more than he/she would make as a Sr. Assoc. or Of Counsel (and of course increases the value of the NEP’s book, which helps in reaching the amount needed to make EP). It’s a win-win as far as I can see.