More Law Firms Are Using Bonus Pools: The Morning Minute
The news and analysis you need to start your day.
June 24, 2022 at 06:00 AM
5 minute read
Want to get this daily news briefing by email? Here's the sign-up.
WHAT WE'RE WATCHING
A DIP IN THE POOL - As more law firms examine and adjust their partner pay systems, the use of bonus pools has become a popular method to reward star performers, Law.com's Patrick Smith reports. Just look to Cravath, Swaine & Moore, which has created a bonus pool funded by 15% of points from each partner, according to two sources familiar with the arrangement. The pool, dispersed at the discretion of firm management, will be awarded to whoever the firm considers high performers. Exactly how the firm determines the high performers is not clear. While the new system could limit any partner's pay, the sources said a great majority of the partnership was in support of the move. The new arrangement was considered a moderate approach, meant to stay competitive while also maintaining aspects of the firm's lockstep partner pay system, which pays partners by seniority. A Cravath representative was not immediately available to comment.
HOT UNDER THE COLLAR - After much saber-rattling, the Biden administration's focus on white-collar corporate compliance is finally coming into focus, Law.com's Nate Robson writes in the latest Law.com Barometer newsletter. Law firms and white-collar compliance experts have long warned the administration's ramped-up focus was coming, but the pandemic largely nixed any initiatives. A spate of recent settlements coupled with the addition of a new white-collar leader at the DOJ is giving the public a look into what compliance will look like under Biden. Now, according to Robson, law firms and corporations are watching to see how the administration continues to use compliance monitors, a strategy shunned by former President Donald Trump. Perhaps more importantly, companies are watching to see if future settlements will require chief compliance officers to personally certify a company's compliance program is effective and capable of detecting illegal activity. To receive the Law.com Barometer directly to your inbox each week, click here.
WHO GOT THE WORK?℠ - NeoGames SA announced that it has completed its acquisition of online casino gaming platform Aspire Global plc for approximately $264 million. Israel-based NeoGames was advised by Latham & Watkins; Herzog Fox & Neeman; Hannes Snellman Attorneys Ltd.; Allen & Overy and Camilleri Preziosi Advocates. A Jones Day team led by partner Bob Profusek counseled NeoGames' independent director committee. Aspire Global, which is based in Malta, was represented by a Baker McKenzie team. >> Read the filing on Law.com Radar and check out the most recent edition of Law.com's Who Got the Work?℠ column to find out which law firms and lawyers are being brought in to handle key cases and close major deals for their clients.
ON THE RADAR - Winston & Strawn and American Immigration Council sued the U.S. Citizenship and Immigration Services (CIS) and the U.S. Department of Homeland Security Thursday in New York Southern District Court under the Freedom of Information Act. The suit, filed on behalf of the American Immigration Council and International Refugee Assistance Project, seeks records relating to CIS' adjudication of humanitarian parole applications of Afghan nationals and documents relating to CIS' processing of asylum seekers and refugees. Counsel have not yet appeared for the defendants. The case is 1:22-cv-05312, American Immigration Council et al v. U.S. Citizenship and Immigration Services et al. Stay up on the latest deals and litigation with the new Law.com Radar.
EDITOR'S PICKS
| LeVar Burton to Keynote Legalweek New York 2023 Conference By Zack Warren |
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
From Laggards to Tech Founders: Law Firm Innovation Is Flourishing
Inside Track: Cooley's Modest Proposal to Make Executives Safer
Law School Applications are Up Across the Country. Law Deans Aren't Sure Why
6 minute readLaw Firms Mentioned
Trending Stories
- 1Eagles or Chiefs? At These Law Firms, Super Bowl Sunday Gets Complicated
- 2Former NY City Hall Official Tied to Adams Corruption Probe to Plead Guilty
- 3Wilmer, White & Case, Crowell Among the Latest to Add DC Lateral Partners
- 4Advance Auto Parts Hires GC Who Climbed From Bottom to Top of Lowe's Legal Department
- 5Judge Rules Georgia Railroad Can Seize Land as Landowners Vow to Fight
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
