This is our fourth Equity Partner Contribution and Compensation Survey since 2015. In the report we observe the trend toward merit-based pay models and accelerating pay dispersion between equity partners in the same firm. The survey examines changes to contribution management practices and reward governance. We also consider the extent to which partner reward helps or hinders AI experimentation and the likely evolution of partner reward over the coming 12-24 months. Over 140 firms responded to this survey.