Not all equity partners earn the same amount. Lockstep was used by most firms to determine an EP’s position in the equity spread. For the most part this has been abandoned but this is not universally true. We can advise on the specifics of each firm.
Equity status is not always the best path. The initial investment can be risky and the partnership team have often negotiated packages for non-equity based partners which would, at least initially, exceed equity remuneration.
Fixed Share Equity
Like most titles, this varies by firm. Some FSPs are asked to invest in the firm by fixed amount, some to invest proportionate to their entitlement (a points based system) and some are not required to invest.
The standard starting title for first time partners.
Used by some as an alternative to SP. Can also be a transitional role or be used as a title for barristers who move in at partner level, as the actual title partner is only for solicitors and those who pass the QLTS.