Credit: Nuthawut/Adobe stock Setting Partner Comp: Are Law Firms Now Too 'Short-Term Focused'?
"People are less patient than they have ever been before. People want to be awarded now," noted one consultant.
October 11, 2024 at 05:00 AM
4 minute read
What You Need to Know
- Some firms are emphasizing more recent performance when setting future pay, some analysts said.
- Although the
- Some firms are more aggressively using a bonus pool to reward short-term performance.
Big Law's competition for lateral talent has elevated partner pay to dizzying new heights, and it's creating further incentives to reward more short-term performance when setting future pay.
While the "industry standard" has been to look at the last three years of a partner's work for setting compensation, it's now more like one or two years, some legal industry observers said. Meanwhile, other firms are more aggressively using a bonus pool to reward short-term performance.
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