Credit: Feodora/Adobe Stock Morrison Cohen Adopted New Comp System, Even as Leaders Expected It Could Make Some Partners 'Uncomfortable'
The midsize New York firm's compensation system moved away from an 'eat-what-you-kill' system to criteria that still includes origination, but also at overall financial performance and workload, and "qualitative factors" such as corporate citizenship, collaboration, and efforts toward institutionalization of clients.
March 04, 2024 at 05:00 AM
5 minute read
The original version of this story was published on The American Lawyer
What You Need to Know
- Midsize New York firm Morrison Cohen has adopted a new compensation system that moved away from an 'eat-what-you-kill' structure.
- A firm chair acknowledges it may have made some partners 'uncomfortable,' but won't say if it led to the departure of nine partners.
- The firm also hired its first COO, and made other leadership changes.
Revisions to the partner compensation system at midsize New York law firm Morrison Cohen, which were a couple of years in the making — along with the addition of the firm's first COO and other leadership changes in 2023 — may have led some partners to feel uncomfortable with the changes, firm leaders said.
But David Scharf, a chair and co-managing partner of the firm, said it would be "wrong" to speculate if the changes resulted in anyone leaving the firm, including the nine partner departures the firm announced on Friday.
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