Law firm compensation has been and will remain a hot topic in the legal community. Prior to 1987, when Legal affiliate The American Lawyer began ranking the nation’s largest law firms, figures such as gross firm revenue, revenue per lawyer, profits per equity partner and associate starting salaries may have been less likely to influence a young lawyer or law student’s career decisions. Although many young lawyers now pay particular attention to the aforementioned metrics, many are still in the dark when it comes to how they will be compensated when their business development efforts bear fruit.
Many law firms encourage their young lawyers to develop business as soon as they are able. What is surprising, given the increasing emphasis on business development, is the lack of transparency across law firms, large and small, as to how origination credit is attributed to young lawyers.
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