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WHAT WE’RE WATCHING
A DAY LATE AND THOUSANDS OF DOLLARS MORE? – Since nothing worth discussing happened last night, let’s talk business of law this morning, shall we? Boies Schiller Flexner has instituted a new 10-tier banded partner compensation system, moving away from the formula-based, eat-what-you-kill system it’s known for, Dylan Jackson reports. The formula system, by Boies Schiller’s own account, led to siloed offices or “fiefdoms” and was not conducive to institutionalizing clients. It also drove away a number of younger partners. In a statement, co-managing partner Nick Gravante said overhauling the firm’s pay system had been a goal since he and co-leader Natasha Harrison took over in December. But while some former partners told Jackson the change would go a long way toward stabilizing the firm, others said it may have come too late. “If they had done [the compensation change] previously they would have avoided a number of the departures,” one former partner said.
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