In the competitive landscape of the legal profession, strategies to retain top partners have evolved. Firms such as Kirkland, DLA Piper, and Shearman and Sterling are now resorting to bonuses, structured as forgivable loans, to discourage their rainmaking partners from accepting offers at other higher-paying law firms.
In anticipation of its impending merger with Allen & Overy, Shearman & Sterling employed this approach to incentivize its core partners to stay. These bonuses, with strings attached, have proven to be a potent tool for firm’s intent on retaining their best talent amidst market turbulence. The Original Article delves deeper into these strategic maneuvers firm principals have found necessary in the current lateral market, though further details might be obscured behind a paywall.