Credit: Aan, Rika/Adobe Stock Chasing Higher Performance, Top Firms Are Refreshing Comp Systems to Court Laterals
Embracing the nonequity tier, building bigger bonus pools and moving to a "black box" for individual earnings are all on the table.
February 15, 2024 at 05:00 AM
11 minute read
What You Need to Know
- Firms have implemented a number of changes to partner pay systems to reflect economic contribution in compensation.
- These changes could have a disruptive impact on the firms whose partners are used to traditional modes of compensation.
- Corporate partner moves continue to outpace those of litigators thanks to long-run expectations.
This piece is part of The American Lawyer's Laterals Report, which also includes pieces examining hiring data from 2023, Dan Binstock's deep dive on how legal recruiting really works, a look at how firms evaluate the ultimate success of lateral hires, and the Top Lateral Hires of 2023.
From Paul, Weiss, Rifkind, Wharton & Garrison moving to a closed compensation system to Cravath, Swaine & Moore abandoning a pure lockstep model and hiring nonequity partners, elite law firms are implementing a variety of changes to their pay systems.
Kent M. Zimmermann of the Zeughauser Group. Courtesy photo This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
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