At Least a $5M Book of Business: Partner Expectations Tighten
More top law firms have initiated earnings expectations for their equity partners, such as at least $5 million to $7 million in business each year.
October 22, 2024 at 05:00 AM
5 minute read
Law Firm ProfitabilityThe original version of this story was published on The American Lawyer
What You Need to Know
- Firm leaders are being more transparent, communicative and firm about partner business expectations now, industry observers say.
- The reason? Competition. There's more of it now, especially at the higher end of the market.
- The tiering of partnerships has also fed back into expectations.
More top law firms are setting earnings expectations for partners — seeking to be explicit about origination or business requirements — as firms place more emphasis on profitability now.
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Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
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Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
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