Why Big Law Is Further Tweaking Partner Pay: The Morning Minute

The news and analysis you need to start your day.

October 06, 2023 at 06:00 AM

4 minute read

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WHAT WE'RE WATCHING

STEPPING AWAY FROM LOCKSTEP - It's hard out there for a law firm, and growing market share in a low-demand environment invariably means poaching work and talent from competitors. But if you want to lure top rainmaking partners from a rival, you need to not only show them the money but the potential to make as much money as possible in the long run. As Law.com's Christine Simmons writes in this week's Barometer newsletter, this new reality is forcing firms to reassess their approaches to partner pay. "…[S]everal big firms still have modified lockstep compensation systems, but Big Law is increasingly exiting the realm of a one-size-fits all pay model," Simmons writes. To receive the Law.com Barometer directly to your inbox each week, click here.

WORKING OVERTIME - The Equal Employment Opportunity Commission is on a tear. The commission filed 143 discrimination lawsuits in its just-completed fiscal year—a 52% increase from the 94 reported last year, a spike in activity that employment attorneys predict will be exceeded this fiscal year. Of the suits the EEOC filed in the year ending Sept. 30, 25 alleged systemic discrimination. "The EEOC is looking for opportunities which they can tout as a success for them," Littler Mendelson shareholder Bradford Kelley told Law.com's Hugo Guzman. "[This lawsuit data] does show that they're going to continue to focus on their strategic plans."

ON THE RADAR - Freight Farms Inc., an agricultural technology company, is going public through a SPAC merger with Agrinam Acquisition Corp. As a result of the merger, Freight Farms will be listed on the Toronto Stock Exchange with a post-transaction equity value of approximately $147 million. The transaction, announced Oct. 4, is expected to close in the first quarter of 2024. New York-based Freight Farms was represented by Stikeman Elliott and a Latham & Watkins team led by partner Stephen Ranere. Agrinam was advised by Borden Ladner Gervais and Dorsey & Whitney. Stay up on the latest state and federal litigation, as well as the latest corporate deals, with Law.com Radar.