Credit: Orlando Florin Rosu/Adobe Stock It's Not Just the Spread. Big Law Is Making More 'Business-Driven' Pay Choices
"On the compensation side, we're always looking to thread the needle to where our rates are fair to clients and where we can demonstrate that we value our top talent," said Lorie Almon, chair of Seyfarth Shaw.
June 03, 2024 at 05:00 AM
6 minute read
Law Firm Profitability
What You Need to Know
- Increasing bonus pools, redrawing lines between equity and nonequity partners and expanding credits to go beyond origination are a few ways firms are changing partner pay.
- Firms have been making such moves for at least the last decade, but their use has arguably accelerated.
- 'On the compensation side, we're always looking to thread the needle to where our rates are fair to clients and where we can demonstrate that we value our top talent,' one firm leader said.
Buoyed by unprecedented billing rate hikes and heightened competition for rainmakers, firms are expanding their partner pay scales and will likely continue to do so as the industry remains in a long-running race for growth.
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