News From Law.com
From Paul Weiss moving to a closed compensation system to Cravath, Swaine & Moore abandoning a pure lockstep model and hiring nonequity partners, elite law firms are undergoing a variety of changes to their pay systems. No matter the approach, firms appear to have a common goal in mind: widening the ratio in pay for the highest- and lowest-paid partners to better recruit and retain high performers. In the last 20 years, the partner pay ratio has grown from 3:1 to at least 8:1 at firms that have shown the most success, said management consultant Kent Zimmermann, a partner at Zeughauser Group.
February 15, 2024, 4:00 AM