Lateral Partners-The Bear Chase is On


Reprinted/posted with permission of The Daily Journal Corp (2011)

Many of the recently added lateral transfer partners are receiving compensation packages that are higher, in some cases significantly higher, than longer term partners in the new firm who have comparable metrics (personal billed hours, book of business). In the increasingly opaque, if not downright blacked out, systems of partner compensation that have been evolving in large law firms, this has permitted covert reallocations of income to the upper tiers of partners in control of the firm. Obviously it has to be at somebody's expense, and that typically is the lower two thirds of the partnership, as well as contract attorneys, income or non equity partners, associates and staff.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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