Law Practice
Nov. 11, 2009
Partner Compensation And the New 'Value' Reality
Second in a four part series. Patrick Lamb, Patrick McKenna, Edwin Reeser and Jeffrey Carr propose business models for restructuring firm compensation schemes.
By Patrick Lamb, Patrick McKenna, Edwin Reeser and Jeffrey Carr
Imagine this: The managing partner of one of the largest law firms in the country is looking around the conference table at 20 of his partners. The 20 partners are the firm's highest compensated partners, collectively earning nearly $60 million in each of the last three years. Somberly, the managing partner informs the group that he has concluded that the firm's compensation system, which has been in place fo...
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