As law firms across the U.S. begin to roll back associate salaries and move toward a merit-based compensation model, firm leaders speaking at a conference this month pointed to sea changes occurring in the legal industry. With increased capital needs, changes in billing practices and an excess of attorneys, "meganumbers in terms of compensation are just going to disappear," says one recruiter. "We're now a business like every other American business," said one firm chairman.
Lockstep Model Loses Favor as Law Firms Pressure Partners
The Legal Intelligencer
May 18, 2009