[Man-of-the-Wold]

Oh please folks, Elrond was a standard bearer or herald for Gil-Galad, as Eonwe was for Manwe. He had earlier been sent to lead forces during the Second Age. So, this role was not any way a lowly one, but rather like Cirdan, second only to Gil-Galad.

I think you have three basic and simple classes:

Royalty, which is most of those that we meet. They are decended from the leaders of the three great houses, Ingwe, Finwe, and the Elwe/Olwe/Elmo trio. Or, nobles that had come to rule significant, independent realms, such as Thranduil's father.

Nobility: which would be the heads of houses within three kindreds. These would hold less "wealth" than a king, and they would be on a military footing, as the household retainers of the King. Examples, probably, include most of the elves that we meet: Gildor, Glorfindal, Ecthelion, the elves that accompanied Finrod & Beren, Mablung, Beleg, all of those at the Coucil of Elrond.

Common Elves: That raise crops, artisans, scribes, and others who do other things for the community and their lords, whom they love, and who fill the ranks of the army. These might include Voronwe, the Butler and Raft Elves in "The Hobbit", Haldir.

This would be a natural nobitity and social structure, not needing rules and means to be enforced and maintained.

The two top classes had jewels and stuff, but everyone lived well. There was not the snobbery, status, superiority and so forth that typifies human societies. Social mobility would be a moot issue.

There would be no one to call a serf or slave, and as for peasants, the right term might be yeoman elves. Land was probably held in common and was not the basis of feudalistic system, at worse certain elves may have freely paid rents to the local lord.

There was probably no Gentry or Middle Class. Merchants, traders and so forth, unless of a noble house, probably lived no better than other common elves. Noble households may have maintained some common elves as permanent warriors or knights, who may have had a somewhat elevated status, as might have been true for "royal guards" who might have been recruited from among common elves, too.

But was lacking was any sense of social strata or arrogance. Galadriel and others were rightfully loved and respected for their lineage and abilities; life was generally communal beyond these leaders.

Consider the example of Legolas. The fact that he was a son (eldest or not) of Thranduil made him a "Prince." This may explain his favoritism from Celeborn and so forth, but this princely status is not of much significance.