Robert Giuffra and Scott Miller of Sullivan & Cromwell. (Courtesy photo) Sullivan & Cromwell Resists 'Radical' Partnership, Compensation Changes
Leaders of the Wall Street giant detail how they believe their approach to running a law firm—one that is increasingly unique among Big Law elite—is the best path forward for generational success.
June 27, 2024 at 05:00 AM
8 minute read
Law Firm Management
What You Need to Know
- S&C does it their way, and that includes sticking with a system that discourages lateral movement, has only one tier of partnership and does not include paying laterals $20 million annually to join the firm.
- Co-chairs Bob Giuffra and Scott Miller said the firm will make adjustments to those areas as needed but won't make changes for changes' sake.
- Giuffra and Miller say their long-term strategy is based on incremental, inside-out growth, including associate recruiting.
Sullivan & Cromwell is used to being an outlier, even by Big Law standards. The firm already maintained a black box partner compensation system, it continues with a single-tier partnership, and it doesn't regularly announce lateral partner additions.
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