Each time a seemingly record-setting compensation level is revealed in the press, we receive a wave of questions from managing partners asking: "Are our top performers paid fairly?" and "Should we increase our compensation spread?"

When an economic upturn dramatically increases profits in the profession, new rainmakers are created, and existing rainmakers typically see their business grow as well. Yet a subtlety some firms fail to recognize is that many established rainmakers grow their business disproportionately, and unlike many new rainmakers, that growth is more often sustained. As a result, firms need to periodically reassess their compensation spread to ensure it covers the performance of all partners, especially those at the top. But this is an exercise easier said than done.