There's A Burnout Crisis. Competitive Comp Won't Cure It.
The high churn of deals and focus on short-term profits are creating long-term talent management and retention problems. Big Law has partly responded by throwing money at associates in the form of bonuses.
April 01, 2021 at 05:19 PM
7 minute read
The original version of this story was published on Law.com
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The Shift: There's A Burnout Crisis. Competitive Comp Won't Cure it.
High deal activity, including the craze over special purpose acquisition companies (SPACs), has created a surge in demand for deal makers and advisers, a year into the pandemic. The result: non-stop working hours, made worse by working-from-home.
In February, an internal Goldman Sachs survey found first-year analysts were working over 100 hours a week. Bankers are working around the clock, so why shouldn't some of their closest colleagues in transactions—their deal lawyers—too?
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