(Credit: ngad/Adobe Stock) Bonuses With Strings Attached Play Role in Partner Retention
Firms like Kirkland & Ellis and DLA Piper have used forgivable loans to bat away offers from rivals and Shearman & Sterling has used them to incentivize partners at the firm to stick around for the merger with Allen & Overy.
March 19, 2024 at 05:00 AM
5 minute read
Lawyer Compensation - Law Firm
What You Need to Know
- Forgivable loan bonuses have played a role in partner retention at Shearman & Sterling, Kirkland & Ellis and DLA Piper.
- Shearman & Sterling has used forgivable loans to keep partners in place in the merger process with Allen & Overy.
- Firms don't have to report these payments in their partner compensation schedules.
In today's competitive lateral market, as rainmaking partners constantly field offers from higher-paying firms, bonuses structured as forgivable loans have become an important tool for partner retention at some firms.
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