Buoyed by unprecedented billing rate hikes and heightened competition for rainmakers, firms are expanding their partner pay scales and will likely continue to do so as the industry remains in a long-running race for growth.
But Big Law isn’t just increasing the spread between its highest- and lowest-paid partners—it’s evolving on compensation in several ways, according to observers and recent industry analysis. Those include increasing bonus pools, redrawing lines between equity and nonequity partners and expanding credits to go beyond origination.
“On the compensation side, we’re always looking to thread the needle to where our rates are fair to clients and where we can demonstrate that we value our top talent,” said Lorie Almon, chair of Seyfarth Shaw.
For a more detailed analysis, read the full article here.