Academic tenure, introduced by the American Association of University Professors in 1915, is a status that protects employed faculty members from summary dismissal and, thereby, intends to preserve their academic freedom. Initially tied to financial security through salary guarantees, academic tenure has evolved into a concept associated less with monetary support and strict scholarly productivity than at its inception, primarily owing to the growing number of clinician educators with highly competitive salaries at university-affiliated academic health centers. Achievement of tenure continues to require significant additional time and effort, but modifications in the requisite probationary period and the allowance at some institutions of tenure for part-time faculty have offset some costs, while still maintaining leadership opportunities for the individual and academic benefits for both the individual and the institution. How institutions balance their own financial risk and the demands on faculty members is likely to determine the future of tenure.