New Delhi, June 30 -- Top law firms are increasingly promoting their star professionals as equity partners, rewarding performance and retaining loyalty as a talent war rages.

While a salaried partner earns fixed fees and variable pay linked to performance, an equity partner is a part-owner with a role in the direction and management of the firm, sharing its fortunes. The trend marks a change from the earlier practice of law firms rewarding only their veteran partners with an equity stake.

"We have significantly increased the number of equity partners in the firm," said Vivek K. Chandy, joint managing partner at JSA Advocates & Solicitors. The law firm now has 62 equity partners, up from 46 over the past fiscal year, reaching an overall ...