Early in my career, I could not have comprehended why there would be any debate about the merits of open versus closed compensation systems in law firms. As with most lawyers, views on this topic are shaped by: 1) one’s personal philosophy as to whether owners of a business should know what others in the organization make and 2) the system your firm(s) adopted, as it becomes second nature. As I thought having such knowledge was a fundamental underpinning of all businesses and since I was “raised” in open firms, I reflexively believed that open systems were preferable.
As a lawyer who has practiced in law firms and corporations, and is now in my second decade as a legal consultant, I draw on a much broader knowledge-base in considering this topic. As this issue invariably arises when lateral partners are considering a move from an open to a closed firm, it has triggered some much deeper thought and a shift in my opinion. There are two principal reasons for this change.
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