by Bruce | October 15, 2024 | Articles, Business Models, Compensation, Cultural Considerations, Finance, Leadership, Partnership Structures, Practice Group Management
Comes word that Cleary Gottlieb is abandoning its increasingly rarefied “single tier” status and will begin naming Non Equity Partners “with immediate effect.” The intrepid Roy Strom of Bloomberg Law has the story: Cleary recognizes the “innovation and adaptation”...
by Bruce | May 8, 2024 | Articles, Business Models, Compensation, Cultural Considerations, Finance, Leadership, Partnership Structures, Strategy
Sometimes it’s the quiet, seemingly unremarkable, things that ultimately rear up and bite you. Here may, or may not, be one. Let’s start with this chart from Thomson Reuters redoubtable annual Report on the State of the US Legal Market (here, the 2024 edition...
by Bruce | February 1, 2024 | Articles, Compensation, Cultural Considerations, Finance, Leadership, Partnership Structures, Practice Group Management, Strategy, Technology strategy
When it comes to partner pay, the first thing everyone salaciously wants to know is “how high is up?” And second by a nose is probably “Who’s on top and by how much, especially compared to me?” Please, people, we can do better than this. (You have to admit it sounds...
by Bruce | December 18, 2023 | About the Site, Articles, Business Models, Compensation, Cultural Considerations, Finance, Leadership, Partnership Structures, Recruiting
“Cravath To A Million Squillion!” Sorry, but we’ve seen this dance so many times before that, you have to admit, we all know the script by heart. Cravath (or other blue chip firm [insert here]) bumps up associates’ salaries across the board by an average of...
by Bruce | October 5, 2023 | Articles, Business Models, Compensation, Cultural Considerations, Finance, Partnership Structures, Strategy
“Ripped from the headlines,” as the cliche-inclined might say, we have this from The American Lawyer in the past week or so: Elite Firms Revisit Comp Formulas as Star Talent Has ‘Extraordinary Leverage’ Some highlights: According to Kent Zimmerman over...
by Bruce | June 20, 2023 | Articles, Branding, Business Models, Client Relationships, Compensation, Cultural Considerations, Finance, Globalization, Leadership, Partnership Structures, Practice Group Management, Recruiting, Strategic Client Management, Strategy
Something that feels structurally different seems to have developed in the lateral market. The ambition of this essay is to describe what we think it is, why it has developed, and what it portends for the future of BigLaw. Plus, with any luck, some ideas or at least...