As firms scour the market to attract laterals with large, portable books of business, they have become more willing to offer almost anythingspecial considerations, huge compensation, guarantees, and bonusesto lure them.
In our article, Crazy Like a Fox, we noted with concern that the spread from lowest-to-highest partner incomes at some firms has increased to 10:1 or 12:1, and even 20:1 at some firms. To reward top producers, we wrote, some firms had begun reducing the compensation of lower- and middle-tier partners, even when they had met or exceeded budgeted targets for client originations, hours worked, and hours billed.
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