In the fierce competition to attract and retain integrated and high-performing talent, some major law corporations appear to be playing a strategic game of ‘follow the leader’. Notably, Cravath has recently positioned itself as a front-runner in the race. It took them some time, but they have ultimately emerged as the unquestionable ‘Scale Setter’ among the industry giants. Read more here.
Within an hour of Cravath’s announcement, McDermott was close behind, swiftly aligning its compensation model with that of the scale leader. This rapid move signals how deeply entrenched is the industry’s follow-the-leader approach, and how promptly market shifts can occur when powerhouse entities make their move. More details on this can be found here.
Paul Hastings followed closely behind, placing it in the league of firms no longer needing to respond to “Pay Your People More” tirades from disgruntled associates. True to the established trend, Paul Hastings adjusted its pay structure to keep stride with market movements. For more details, you can click here.
While these firms are leading the pack for now, the message for other players is clear: keep pace or risk falling behind. The sharing of this newfound wealth with associates would undoubtedly facilitate more robust giving-back programs. Read more here.
In closing, it is notable that these rapid alignments in business strategy are not necessarily a negative. A study has shown that prospective law students desire a learning environment where their classmates’ political and legal tendencies align with their own. Click here for more on this.
Lastly, on an unrelated note, a recent court dispute over the proper use of double-spacing in legal documents served to exemplify the often excessive nature of litigation. This rather inconsequential argument was promptly shut down by a presiding judge. Read more on that amusing story here.