Morrison & Foerster Changes Lead to Equity Partner Drop, PEP Surge
Morrison & Foerster said it modified its partnership compensation structure at the start of 2018, following a year of consultation with its partners.
March 25, 2019 at 02:33 PM
5 minute read
The original version of this story was published on The American Lawyer
A change in Morrison & Foerster's partner compensation system helped prompt a 14 percent surge in the firm's profits per equity partner in 2018 amid an otherwise flat financial year.
Morrison & Foerster in 2018 faced a tough hurdle trying to replicate a breakout 2017 in which the firm grew by double-digit percentages in revenue, revenue per lawyer and profits per equity partner. Against that tough comparison, revenue at the 951-lawyer firm was down 1.9 percent last year to $1.04 billion and revenue per lawyer was down 0.9 percent at roughly $1.1 million, according to ALM data.
But the firm's PEP surged to just shy of $2 million last year, up from $1.74 million a year prior. The firm's compensation for all partners figure was nearly unchanged, at just over $1.4 million.
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