Cravath abandons strict pay model, joining most law firm peers

In adopting a so-called modified lockstep system, Cravath is following in the footsteps of other firms, including, that now determine pay according to partners' contributions along with their tenure.

"This decision will advance our strategic objectives so that we can continue to thrive in a dynamic marketplace while maintaining the values and culture – including our ethos of shared success – that define our firm," Faiza Saeed, Cravath's presiding partner, said in a statement.Cravath had been one of lockstep's last remaining adherents among the country's most profitable law firms.

Wachtell, Lipton, Rosen & Katz; Debevoise & Plimpton; and Cleary Gottlieb Steen & Hamilton are among the handful of major firms that maintain lockstep partner compensation. Debevoise said in a statement Monday that it remains “fully committed” to that model. Wachtell and Cleary did not immediately respond to requests for comment.

Compensation for top law firm deal advisors and litigators can run into several million dollars per year. Cravath's profits per equity partner hit $4.576 million in 2020, according to ALM Media, which tracks law firm financial data.

wow

Law Law Latest News, Law Law Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Hong Kong warns Wall Street Journal of legal action over election editorialHong Kong has warned the Wall Street Journal that it may have broken electoral law by 'scaremongering' in a recent editorial about the upcoming vote for the city's legislative council. Did you know you can flip domains for more than houses? Check our video to find out the best money making side hustle of 2022! CNN is guilty of scaremongering in Ethiopia. Full of Corrupt reporters, as always.
Source: CNN - 🏆 4. / 95 Read more »

'Stealth layoffs' and other ways law firms avoid firing lawyersInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know. 律师事务所把律师赶出去而不是解雇他们的奇怪方式
Source: BusinessInsider - 🏆 729. / 51 Read more »