Elite Firms Rethinking Comp: The Morning Minute
The news and analysis you need to start your day.
October 02, 2023 at 06:00 AM
4 minute read
Want to get this daily news briefing by email? Here's the sign-up.
|
WHAT WE'RE WATCHING
COMPENSATION RECONFIGURATION - In Big Law, money talks, but not everyone likes what it has to say. Though few law firms in the Am Law 100 still use a pure lockstep partner pay system, many struggle to strike a balance between seniority and productivity that doesn't alienate key stakeholders. Rainmakers expect to be paid commensurate with their productivity, while lifers expect to be rewarded for their loyalty and longevity. But, as recent years' economic cycles highlight the financial disparities between different practice areas, and partner pay surpasses $20 million at some firms, firm leaders have a reinvigorated interest in reevaluating their comp systems, Law.com's Justin Henry reports.
TAKING LESSONS - Earlier this week, we told you about the rise in "side hustles" among Big Law attorneys. While some might worry an ancillary gig could get in the way of their practice, those lawyers who have dabbled in other pursuits say the experience has actually made them better at their main jobs. For example, John McBride, a Norton Rose Fulbright partner who also co-founded a Chicago-based cocktail bitters company called Devil's Retort in 2009, told Law.com's Andrew Maloney his side business has given him a deeper appreciation for his law clients. "My business couldn't afford to pay my legal rates," he quipped. adding. "I think something that really does apply to my legal work is just recognizing how complex regulation, employment—all these things are."
ON THE RADAR - Edmund Polubinski, Marie Killmond and Patrick W. Blakemore from Davis Polk & Wardwell have entered appearances for UiPath, a software developer focused on automating repetitive workflows, its CEO and CFO in a pending securities class action. The case, filed Sept. 9 in New York Southern District Court by Robbins Geller Rudman & Dowd and Robbins, accuses the defendants of falsely misrepresenting the company's financial growth and failing to identify its lack of sustained competition with enterprise software vendors such as, Microsoft; IBM; and Salesforce. The case, assigned to U.S. District Judge Denise L. Cote, is 1:23-cv-07908, Gera v. UiPath, Inc. et al. Stay up on the latest state and federal litigation, as well as the latest corporate deals, with Law.com Radar.
|
EDITOR'S PICKS
|
|
|
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
© 2024 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
Legal Departments Gripe About Outside Counsel but Rarely Talk to Them
4 minute read
As Profits Rise, Law Firms Likely to Make More AI Investments in 2025
'Serious Disruptions'?: Federal Courts Brace for Government Shutdown Threat
3 minute read
'So Many Firms' Have Yet to Announce Associate Bonuses, Underlining Big Law's Uneven Approach
5 minute readLaw Firms Mentioned
Trending Stories
- 1Authenticating Electronic Signatures
- 2'Fulfilled Her Purpose on the Court': Presiding Judge M. Yvette Miller Is 'Ready for a New Challenge'
- 3Litigation Leaders: Greenspoon Marder’s Beth-Ann Krimsky on What Makes Her Team ‘Prepared, Compassionate and Wicked Smart’
- 4A Look Back at High-Profile Hires in Big Law From Federal Government
- 5Grabbing Market Share From Rivals, Law Firms Ramped Up Group Lateral Hires
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
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
